文章转自：国际投行研究报告
作者：凌通社 读报
周末关于科创板的定位非常明确地永久拒绝了蚂蚁金服在科创板上市的可能性，而对于蚂蚁金服的未来，也是非常明确了，就是必须改制成为一个合规的金融控股集团。那么今后蚂蚁金服就是一个普通的和银行一样的金融企业（带有互联网上色彩和技术），蚂蚁里面的投资者被封在魔鬼宝瓶中也是很自然的事情。
在如此的背景之下，马云本人显然是最重要的问题，解铃还须系铃人，蚂蚁有一个问题，问题就是马云本尊。解决问题的唯一办法也就是马云退出。凌通社觉得，这是一个非常友善的选择，马云可以轻轻地来，轻轻地去，不带走一片云彩，可以致力于乡村教师，也可以致力于国际扶贫大使。
蚂蚁金服正在寻找创始人马云（Jack Ma）放弃其在金融技术巨头中的股份并放弃控制权的方案，此前蚂蚁与中国监管机构的会议向该公司发出信号，此举可能有助于在北京对其业务进行审查的情况下划清界限。消息来源熟悉监管者的想法，并与公司有密切联系的两个人。
路透社首次报道了最新一轮会议的细节以及有关马云控制蚂蚁的未来的讨论，这些讨论是通过复杂的投资工具结构进行的。《华尔街日报》此前曾报道说，马云在11月的一次与监管机构的会议上表示愿意将蚂蚁的一部分移交给中国政府。
中央银行，中国人民银行（PBOC）和金融监管机构中国银行业与保险监督管理委员会（CBIRC）的官员于1月至3月分别与马云和蚂蚁举行了会谈，讨论了这位大亨从公司退出的可能性。消息人士提供的资料显示，该消息人士熟悉监管机构的想法，并且是与公司关系密切的消息来源之一。
蚂蚁否认曾考虑剥离马云的股份。蚂蚁金服发言人在一份声明中说：“出售马云在蚂蚁金服集团的股份从未成为与任何人进行讨论的主题。”
路透社无法确定蚂蚁金服和马云是否会进行撤资选择，如果是，则选择哪一项。一位与公司有关系的消息人士称，该公司希望将马云的价值数十亿美元的股份出售给蚂蚁或其电子商务子公司阿里巴巴集团控股有限公司的现有投资者，而无需涉及任何外部实体。
但第二位与公司有联系的消息人士也表示，在与监管机构进行讨论时，马云被告知不允许将其股份出售给与他近的任何实体或个人，而必须完全退出。消息人士称，另一种选择是将其股份转让给隶属于国家的中国投资者。
两位知情人士都表示，任何举动都需要北京的批准。
在过去几个月中讨论如何发展的时间表上，所有这三个来源提供的内涵是一致的。在公司方面，一位消息人士说，马云在2月初春节之前不止一次会见了监管机构。第二个消息来源说，蚂蚁大约在几个月前开始研究马云可能退出的期权。熟悉监管者想法的消息人士说，蚂蚁在3月中旬之前的一次会议上告诉官员说，它正在研究期权。
熟悉监管者想法的消息人士直接了解了蚂蚁与官员之间的对话，而与公司有联系的消息来源之一则被简要介绍了马云与监管者的互动以及蚂蚁的计划。另一个人直接了解Ant关于选项的讨论。由于局势的敏感性，他们要求匿名。
蚂蚁发言人没有提供马云的任何评论。阿里巴巴将问题转给了蚂蚁。马云的办公室没有回应路透社通过蚂蚁发表评论的要求。国务院新闻办公室，中国人民银行和中国银监会也未回应置评请求。
去年10月，在马云对监管机构的公开批评之后，启动了对蚂蚁的改造以及对中国技术行业的更广泛的监管限制之际，高风险的讨论开始了。
两位知情人士均表示，马云的退出可能会为蚂蚁重振上市计划扫清道路，该计划在大亨发表演讲后陷入僵局。蚂蚁计划在全球最大的首次公开募股中筹集约370亿美元，但在马云11月2日与监管机构会晤后的第二天就中止了计划
“对于他们的分支来说太大了'
自那时以来，北京发动了一系列调查和新法规，不仅限制了马云的帝国，而且席卷了该国的科技行业，包括其他知名的亿万富翁企业家。
对于现年56岁的马云来说，这也造成了特别严重的后果。马云还创立了阿里巴巴，并曾经在中国获得了类似邪教般的崇敬。这位大亨在大约三个月的时间里完全退出了公众视野，在短暂的一月份露面后，他一直保持低调。
中国的反托拉斯监管机构于4月10日对阿里巴巴处以创纪录的27.5亿美元罚款，此前该公司进行了一次反垄断调查，发现其滥用了市场支配地位长达数年之久。几天后，中央银行要求蚂蚁金服成为一家金融控股公司，这使蚂蚁金服受到银行业规章制度的限制，而到目前为止，银行业已设法避免这种情况，并使其得以迅速发展。
东方资本研究公司董事总经理安德鲁•科利尔（Andrew Collier）表示：“只要他们的规模不大，中国仍然愿意提升其技术公司作为全球领导者的地位。”
控股权
尽管马云此前曾卸任公司职位，但他仍然保持对蚂蚁的有效控制权和对阿里巴巴的重大影响力。
根据蚂蚁的招股说明书，虽然他仅拥有蚂蚁金服10％的股份，但马云还是通过相关实体对公司行使控制权。
招股书显示，马云的投资工具杭州云博拥有另外两个拥有蚂蚁50.5％股份的实体的控制权。招股说明书显示，云博可以决定与蚂蚁有关的所有事务，并行使这三个实体的合并投票权。
招股说明书显示，马云持有云博34％的股权。
一位与公司有联系的消息人士称，马云出售“云博”股权的机会很大，从而退出蚂蚁金服，这最终为这家金融科技巨头进一步接近完成改组和恢复上市铺平了道路。
路透社无法联系云博置评。蚂蚁没有代表云波发表评论。
Ant Group is exploring options for founder Jack Ma to divest his stake in the financial technology giant and give up control, as meetings with Chinese regulators signaled to the company that the move could help draw a line under Beijing’s scrutiny of its business, according to a source familiar with regulators’ thinking and two people with close ties to the company.
Reuters is for the first time reporting details of the latest round of meetings and the discussions about the future of Ma's control of Ant, exercised through a complicated structure of investment vehicles. The Wall Street Journal previously reported that Ma had offered in a November meeting with regulators to hand over parts of Ant to the Chinese government.
Ant denied that a divestment of Ma's stake was ever under consideration. "Divestment of Mr. Ma's stake in Ant Group has never been the subject of discussions with anyone," an Ant spokesman said in a statement.Officials from the central bank, People's Bank of China (PBOC), and financial regulator China Banking and Insurance Regulatory Commission (CBIRC) held talks between January and March with Ma and Ant separately, where the possibility of the tycoon's exit from the company was discussed, according to accounts provided by the source familiar with the regulators' thinking and one of the sources with close ties to the company.
Reuters could not determine whether Ant and Ma would proceed with a divestment option, and if so, which one. The company hoped Ma's stake, which is worth billions of dollars, could be sold to existing investors in Ant or its e-commerce affiliate Alibaba Group Holding Ltd without involving any external entity, one of the sources with company ties said.
But the second source also with company connections said that during discussions with regulators, Ma was told that he would not be allowed to sell his stake to any entity or individual close to him, and would instead have to exit completely. Another option would be to transfer his stake to a Chinese investor affiliated with the state, the source said.
Any move would need Beijing's approval, both sources with knowledge of the company's thinking said.
The accounts provided by all the three sources are consistent in terms of the timeline for how discussions have evolved over the past few months. On the company side, one source said Ma met regulators more than once before the Chinese New Year, which was in early February. And the second source said Ant started working on options for Ma's possible exit about a couple of months ago. The source familiar with the regulators' thinking said Ant had told officials during a meeting sometime before mid-March that it was working on options.
The source familiar with the regulators' thinking has direct knowledge of conversations between Ant and officials, while one of the sources with company ties has been briefed on Ma's interactions with regulators and Ant's plans. The other one has direct knowledge of Ant's discussions about options. They requested anonymity because of the sensitivity of the situation.
The Ant spokesman did not provide any comments from Ma. Alibaba referred questions to Ant. Jack Ma's office did not respond to Reuters' request for comment made via Ant. The State Council Information Office, PBOC, and CBIRC, also did not respond to requests for comment.
The high-stakes discussions come amid a revamp of Ant and a broader regulatory clampdown on China's technology sector that was set in motion after Ma's public criticism of regulators in a speech in October last year.
Ma's exit could help clear the way for Ant to revive plans to go public, which stalled after the tycoon's speech, both sources proximate to the company said. Ant, which was about to raise an estimated $37 billion in what would have been the world's largest initial public offering, aborted plans the day after Ma's Nov. 2 meeting with regulators.
'TOO BIG FOR THEIR BRITCHES'
Since then Beijing has unleashed a series of investigations and new regulations that have not only reined in Ma's empire but also swept across the country's technology sector, including other high-profile, billionaire entrepreneurs.
For Ma, 56, who also founded Alibaba and once commanded cult-like reverence in China, the consequences have been particularly severe. The tycoon completely withdrew from the public eye for about three months and has continued to keep a low profile after a brief January appearance.
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China's antitrust regulator fined Alibaba a record $2.75 billion on April 10 following an antimonopoly probe that found it had abused its dominant market position for several years. A couple of days later Ant was asked by the central bank to become a financial holding company, bringing it under the ambit of banking rules that it had managed to avoid so far and allowed it to grow rapidly.
"China still likes to promote its technology firms as global leaders just as long as they don't get too big for their britches," said Andrew Collier, managing director of Orient Capital Research.
CONTROLLING STAKE
Although Ma had previously stepped down from corporate positions, he retains effective control over Ant and significant influence over Alibaba.
While he only owns a 10% stake in Ant, Ma exercises control over the company through related entities, according to Ant's IPO prospectus.
Hangzhou Yunbo, an investment vehicle for Ma, has control over two other entities that own a combined 50.5% stake of Ant, the prospectus shows. Yunbo can decide all matters related to Ant and exercise the combined voting power of the three entities, the prospectus shows.
Ma holds a 34% equity interest in Yunbo, the prospectus shows.
One of the sources with company ties said there's "a big chance" Ma would sell his equity interest in Yunbo to exit from Ant, ultimately paving the way for the fintech major to move closer to completing its revamp and reviving its listing.
Reuters could not reach Yunbo for comment. Ant did not provide a comment on behalf of Yunbo.