Alibaba's financial arm Ant Group said on Monday that it has no plan to initiate an initial public offering following a series of shareholding adjustments recently.

"Ant Group has been focusing on its business rectification and optimization, and does not have a plan for an IPO," an Ant spokesperson said.

The remarks came after Ant said in a statement on its official website on Saturday that no shareholder, alone or jointly with other parties, will have control over the company, as part of its broader push to further optimize corporate governance.

The move means Alibaba's founder Jack Ma will no longer control the Chinese financial technology company after a series of adjustments that change the exercise of voting rights from Ant's major shareholders.

fanfeifei@chinadaily.com.cn