The Central Bank of China believes that Jack Ma’s company used its dominant market position to crush competitors, thereby harming the interests of hundreds of millions of consumers.
The founder of one of the largest Chinese business empires, Alibaba, one of the richest Chinese citizens, Jack Ma, has not appeared in public for more than two months. The billionaire stopped appearing in public after he criticized Chinese state banks and economic regulators during his speech in Shanghai, comparing them to pawnshops.
In turn, the Independent notes that Jack Ma missed the finale of the television show “Business Heroes of Africa”, which determined 10 participants to whom the Jack Ma Foundation will allocate $ 1.5 million to implement their entrepreneurial ideas. Alibaba co-founder Lucy Peng took his place among the judges.
“Mr Ma could no longer be part of the finale of the show due to a schedule conflict,” an Alibaba spokesperson told the newspaper.
Reporters also note that, amid tensions with the Chinese authorities, Ma has sharply reduced his activity on social networks. On his personal Twitter account, the latest publication was released on October 10, and on his charity account on November 30. Earlier, the businessman, as journalists note, could write several tweets a day.
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According to The Wall Street Journal, the PRC authorities intend to tighten control over Ma’s business, forcing to split Ant Group, the financial arm of Alibaba Group.
“In the event of a business fragmentation, the state will be able, for example, to buy one of the separated companies, thereby increasing the level of state participation and strengthening its supervision,” analysts say.
At the same time, the authorities do not voice their demands directly, but appeal to Ma and the management of his companies with an appeal “to understand the need to reform the business.”
As Bloomberg explains, the reason for such actions of Beijing is a wary attitude to the tech giants, which have a huge influence.
In addition, according to Bloomberg, the richest Chinese was banned from leaving the country, and in November he offered to nationalize some of his techno assets, but the country’s authorities refused.