This is very interesting Chinese
President Xi Jinping is trying to stop much waited Ant IPO. Jack Ma the name
that never introduced to corporate world.
He is the co-founder of Alibaba
group. Ma is a global ambassador for Chinese business and is often listed as
one of the world's most powerful people. He is known and role model for any
startup businesses. It seems Ma is facing troubles from own country.
Jack Ma has been symbol of a self-made
entrepreneur in China. His emerge was seen as era Ma Yun. He was developed with
e-commerce giant Alibaba and its spin-off, Ant group. After the suspension,
Alibaba’s share which owns part of Ant group fell more than 8%, shaving $3 bn
off Ma’s net worth. Dramatic halt of the IPO underlines the dominance of
Chinese Communist Party over the private sector.
A week before the Chinese fintech was
set to go public, Ma made incendiary comments that didn't go down well with the
president or other government officials. He severely criticized government
leaders and their policies. This is the reason for sudden stopping of Ant
Group’s record-breaking Initial Public Offering. As per the analysts, last
minute suspension is more likely to do with Ma remarks at a Summit in Shanghai.
Xi has not been a fan of the ascendance of big private businesses that rack up
wealth and power in the country.
Comments