(Bloomberg) -- Alibaba Group Holding Ltd. has removed all executives of financial affiliate Ant Group Co. from its partnership, shaking up a key structure that maintains control of the e-commerce giant.

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The Hangzhou-based company removed Ant executives including Chairman and Chief Executive Officer Eric Jing, Chief Technology Officer Ni Xingjun and five others from its partnership, according to an annual report published on Tuesday. Two executives from Alibaba Simon Hu and Wang Shuai also retired, taking the total number of partners to 29 from 38.

Alibaba said that as part of a recent amendment, only its own staff will be allowed to become partners. The changes were made by the end of May, according to its annual report.

Ant said in an emailed statement that the move was made as part of its continuous efforts to enhance corporate governance.

Alibaba’s partnership, which was formed in 2010, became a key method for company founders and executives to maintain control of the entity during its mega initial public offering four years later. The arrangement allowed top management to nominate a majority of the board for approval by shareholders.

Ant has also revamped its board in recent months, increasing the number of independent directors to 4, or 50% of its board. It reduced the number of non-executive directors from Alibaba to two from three.

Jack Ma’s twin empires have been recasting themselves amid closer scrutiny by China’s watchdogs on everything from corporate governance to dealings among affiliates. More than half of the market value of Alibaba has been wiped out after Beijing began a broad regulatory campaign aimed at the sector in late 2020.

The Chinese Communist Party’s evolving stance toward the private sector has become one of the most closely watched developments in global markets in recent years, with some observers even calling China’s sprawling internet sector uninvestable. Investor sentiment has swung wildly in recent months amid debates over the possible easing of the crackdown.

Alibaba said on Tuesday that it would apply for a primary listing in Hong Kong, which could allow it to be included in the stock connect link with Shanghai and Shenzhen exchanges.