Jack Ma is giving up control of the Chinese company he founded after being reprimanded.
No one would have total control after the change, according to the group.
Since criticising China's financial sector in 2020, Mr Ma hasn't been seen in public.
The planned stock market flotation was halted after the criticism.
The main online payment system in China is run by the Ant Group.
Mr Ma, a former English teacher who founded e- commerce giant Alibaba, directly and indirectly controls more than half of the group.
He will control just over six percent after the changes in governance structure.
The world's largest stock market flotation was called off at the last moment.
There were "major issues" over regulating the firm at the last minute.
It was thought that the Chinese government was trying to humble a company that had become too powerful and a leader who had become too outspoken.
Traditional banks had a "pawn-shop mentality" according to Mr Ma.
He said that future lending decisions should be based on data and not on paper.
After the collapse of the stock market flotation, which was set to make Mr Ma the richest person in China, he vanished for three months.
According to reports, he reappeared, but has been avoiding the public eye since.
Mr Ma and other shareholders act in concert with one another.
When shareholders use voting rights, they will only vote independently.
There will be changes to the shareholding structure.
The shareholder's economic interests would not change.
The Chinese leadership's determination to reduce the influence of large private investors was shown by the departure of Jack Ma from his company.
The Chinese economy will continue to be eroded by this trend.
The Chinese authorities are poised to impose a fine of more than $1 billion on the firm, which is nearing completion of a two-year restructuring which has been driven by regulators.
Over the past two years, China's technology giants have lost hundreds of billions of dollars in value and have had their revenues and profits slashed as a result.
Efforts to bolster the Chinese economy have caused the authorities to change their tone.
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