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Jack Ma relinquishes ownership of Alibaba’s legal structures – FT and WSJ

Alibaba’s founder Jack Ma has quietly relinquished his ownership of the “variable interest entities” at the heart of Alibaba, symbolically handing back the keys to the Chinese technology giant he founded 19 years ago, reported by the Financial Times and the Wall Street Journal.

Mr Ma, 54, announced Sept. 10 that he would step down as executive chairman of Alibaba in one year, handing over the job to Chief Executive Daniel Zhang. He plans to continue as the founding partner in the Alibaba Partnership, a group of senior executives who have the right to nominate most of the company’s board despite not holding a majority of the company’s shares.

Alibaba confirmed the move, which has not so far been announced in its regulatory filings, and said it wanted to reduce the administrative burden on Mr Ma, according to the report.