The Hangzhou-based firm has been restructuring its operations to meet a list of demands from Chinese regulators over the past year, including beefing up capital, curbing consumer lending, and shuffling its management. Billionaire Jack Ma is considering ceding his control of 50.52% voting rights in the firm, people familiar have said. In a filing in July, Alibaba Group Holding Ltd. (NYSE: BABA ) reiterated that Ma "intends to reduce and thereafter limit his direct and indirect economic interest in Ant Group over time" to a percentage that does not exceed 8.8%. China's campaign to rein in its tech businesses kicked off with snuffing out Ant's planned $35 billion initial public offering. The crackdown snowballed into an assault on every corner of China's technosphere as Beijing seeks to end the domination of a few heavyweights and create a more equitable distribution of wealth.