Chinese business tycoon Jack Ma, who is synonymous with the country’s entrepreneurial brilliance, is relinquishing control of Chinese fintech giant Ant Group, the company said,  following a Communist party crackdown on the nation’s tech sector that targeted the billionaire.

One of China’s most popular businessmen, Ma once inspired a generation of Chinese technology moguls with his rags-to-riches personal tale and penchant for public showmanship.

But the former English teacher has retreated from public view since Beijing torched Ant’s planned initial public offering (IPO) in Hong Kong in 2020 following his barbed comments about government regulators.

His company said in a statement on Saturday it was adjusting its ownership structure so that “no shareholder, alone or jointly with other parties, will have control over Ant Group”.

Laying out the firm’s previous complex structure, the announcement showed Ma indirectly controlled 53.46% of Ant’s shares and deemed him the company’s “control person”.

“The adjustment is being implemented to further enhance the stability of our corporate structure and sustainability of our long-term development,” the Ant statement said.

The adjustment would not change the economic interests of any shareholders.

Ant’s planned IPO would have been a world-record listing at the time and its damaging withdrawal came as Ma’s other business interests creaked under official scrutiny.

Beijing also hit Alibaba, the internet titan co-founded by Ma that operates popular Chinese shopping platforms Taobao and Tmall, with a record $2.75bn fine for alleged unfair practices.

In a sign that the official grip may now be loosening, authorities said last month that Ant had won approval to raise 10.5bn yuan ($1.5bn) for its consumer finance arm.