Alipay China Has Changed Name to Hanbao(瀚宝)!
But Alipay, which was founded by Alibaba Group, clarified later in the day that “recent renaming of certain subsidiaries under Ant Financial is part of a routine organizational review,” and that Alipay itself wasn’t getting a makeover.
“But every change causes outsiders to mistakenly think that there have been major changes,” Alipay said.
Alibaba founder Jack Ma is no longer a shareholder of Zhejiang Taobao Network Co. Ltd., Taobao’s corporate entity, company records show.
Ma, who announced his impending retirement last year, was previously one of the only two shareholders of the corporate entity of Taobao – China’s biggest online retail platform owned by Alibaba Group.
The entity’s shares are now controlled entirely by a single corporation owned by five other members of Alibaba’s current management team:
The five, who now each hold 20% of Taobao Network’s shares, are also current members of the Alibaba Partnership, a committee of 36 people at Alibaba who have de facto control of the internet giant’s board.
This change was also played down by Alibaba Group, which said it was a “very common and normal practice in the company’s management, technically and legally speaking.”
In 2017, there was also some online commotion when it was announced that McDonald’s China would change its name from Maidanglao to Jin Gongmen(‘Golden Arches’). At the time, McDonald’s China also responded to its name change, saying that it was for “official certification” only.
Time has shown that indeed nothing changed; just as the McDonald’s hamburgers are still the same, Alipay’s official hamburger-sounding new name is unlikely to affect its payment convenience.