1. Equity relationship: The shareholding structure of Ant Group is complex, including many different investors and partners. Alibaba Group holds 33% of the shares of Ant Group through its indirect wholly-owned subsidiary Hangzhou Alibaba. Ma Yun and other Alibaba Group executives hold shares in Ant Group.
2. Business relationship: Ant Group is a financial technology enterprise hatched from Alibaba Group. It first appeared in the form of Alipay, and gradually developed into a company providing diversified financial services, including but not limited to payment, loan, insurance and investment. The business of Ant Group is closely related to Alibaba Group's e-commerce platform and consumer payment.