Insta
Following 'Disappearance' Of Jack Ma, Chinese Communist Party Plans To Nationalise His Alibaba And ANT Group
Jack Ma (pic via Twitter)
Amid the mysterious disappearance of Chinese Billionaire Jack Ma from public view after criticising China's regulators and state run banks, now the Chinese government is considering nationalisation of Jack Ma's Alibaba and the Ant Group, reports Outlook.
Ma, the founder of Alibaba Group who is worth a whopping $60 billion has been termed as a "money-grabbing vampire who exploits the poor", by Chinese state outlets.
In November 2020, the Wall Street Journal reported that the Chinese President Xi Jinping personally scuttled Ant Group's $37 billion initial public offering.
Jack Ma, the founder of Ant Group, is said to have earned the wrath of Chinese leadership for launching a public attack on the country's financial watchdogs, regulatory landscape and state-owned banks.
During an address he delivered at Bund Summit in Shanghai on 24 Oct 2020, Ma criticised the regulatory system for stifling innovation and called for a new set of regulatory reform to fuel growth.
The speech is said to have angered Chinese leadership and set off a chain of events that torpedoed the listing of Ant.
Soon after Ma's scathing attack on the regulatory constraints, state regulators began compiling reports including one on how Ant had used digital financial products like Huabei, a virtual credit card service, to encourage poor and young people to build up debt.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.
Latest
