The People's Bank of China agrees to the change of Alipay's actual controller

According to news from this site on December 30, the central bank recently issued the Bank Xu Approval Judgment [2023] No. 189, agreed to change Alipay (China) Network Technology Co., Ltd. to have no actual controller .

According to public information, Alipay (China) Network Technology Co., Ltd. is the licensee of the Alipay payment license and is registered in Shanghai. The company has a technical developer ratio of over 50%. As a payment technology company, Alipay opens its payment technology to merchants and provides acquiring services, forming a long-term and mature business model. Currently, Alipay has provided services to 80 million merchants and 1 billion consumers.

According to our inquiry, Ant Group announced at the beginning of this year that in order to continue to improve corporate governance and achieve long-term sustainable development, Ant Group plans to take a series of upgrade measures at the board of directors and shareholder levels, including the introduction of More independent directors, adjustment of the voting rights structure of major shareholders, and promotion of more transparent and decentralized shareholder voting rights, etc.

In addition, Hang Seng Electronics and Cathay Property & Casualty Insurance also issued announcements respectively stating that due to the adjustment of the upper-level voting rights structure of Ant Group shareholders, the relevant parties have fulfilled their obligations. After the procedures and completion of the delivery, Ant Group changed to have no actual controller,

, as an affiliated company of Ant Group, Hang Seng Electronics and Cathay Property & Casualty Insurance also changed to have no actual controller.

No actual controller means that the company does not have a subject that can actually control the company's actions. According to Article 4.16 of the "Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules",

has one of the following circumstances, constitutes control :

• (1) If a If a person holds more than 50% of the shares of a listed company, he is considered a major shareholder of the company. There is an exception to this judgment, however, if there is evidence to the contrary. In other words, if there is evidence that although this person holds more than 50% of the shares, he is not actually the real major shareholder of the company, then this judgment does not apply.

• (2) Holding more than 30% of the voting rights of the shares of a listed company.

• (3) By actually controlling the shares of a listed company, the company can decide on the appointment and removal of more than half of the members of the board of directors.

• (4) The voting rights of the listed company’s shares that are actually at its disposal are sufficient to have a significant impact on the resolution of the company’s shareholders’ meeting;

• (5) ) can actually control or decide on major business decisions, important personnel appointments and other matters of listed companies;

• (6) Other circumstances determined by the China Securities Regulatory Commission and the Exchange.

The "Regulations on the Supervision and Administration of Non-Bank Payment Institutions" were officially announced on December 17 and will be implemented on May 1, 2024. The "Regulations" include 6 chapters and 60 key provisions,

Further bring non-bank payment institutions and their business activities into the legal track for supervision, aiming to promote the standardized and healthy development of the non-bank payment industry and effectively protect the legitimate rights and interests of users.

Feng Qiao, deputy general manager of Alipay, said that in the future, we will further strengthen the protection of financial consumers’ rights and interests, insist on incorporating financial consumer protection into corporate governance, corporate culture and business strategies, optimize product design, and strengthen financial consumer protection. Education and publicity to solidly improve the level of financial consumer protection.

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