Jack Ma is said to have exercised control over the company through related entities, according to Ant's initial public offering (IPO) prospectus filed with the exchanges in 2020.
According to the WSJ report, one of Ant’s investors is Boyu Capital, a private-equity firm founded in part by Jiang Zhicheng. Jiang Zhicheng is the grandson of former Chinese leader Jiang Zemin. Another is Li Botan, who controls the Beijing Zhaode Group
The Shanghai Securities News, one of the most important business publications in China omitted Jack Ma in its article celebrating Chinese entrepreneurs