Tycoon Jack Ma concedes his ownership of 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 that he would step down as the executive chairman of Alibaba in 1 year to handle the Chief Executive Daniel Zhang job.
He decided to continue as a founder or partner of the group of a senior executive who will have all rights to nominate the 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.