Tycoon Jack Ma concedes his ownership entities that hold Alibaba Group Holding Ltd’s business licenses in China.
Alibaba confirmed this news on Monday of Mr. Ma renouncing his ownership entities.

On Sept, 10 Mr. Ma announced about him stepping down as an executive chairman of Alibaba in 1 year by handling the job to Chief Executive Daniel Zhang.

He decided to continue as a founder or partner of the group of a senior executive who will have all rights to nominate company’s share.

Alibaba reported revenue of $11.83 billion in its second quarter up 61% year over year, it also dominates eCommerce in China through online sales platforms.