Chinese state media on Tuesday published a list of its leading tech giants, but there was an absence of a tycoon – Jack Ma. Further telling was its commentary on Alibaba co-founder archery Pony M, which Shanghai Securities News called for “rewriting the mobile era”.
Beijing government newspaper ran a brief editorial on the same day that Alibaba Group Holding Limited disclosed its earnings. In the list, Wang Chuanfu, president of BYD Company, Xiaomi Corp. Co-founders Lei Jun and Ren Zhengfei of Huawei Technologies Company noted, among others.
According to the newspaper Xinhua, a generation of Chinese entrepreneurs has emerged from the rigid structures of our old economic system with a desire to escape poverty and passion, according to the newspaper Xinhua. He has revived China’s economic reforms. The news agency has written.
One of China’s unusually outspoken and outspoken tycoons, Jack Ma came into conflict with the CCP after instigating the government’s ‘Pawn Shop’ financial regulators and state-owned banks in an inflammatory speech back in Shanghai in October. In addition, calling for the reform of a system that ‘business innovation’, he compared global banking regulations to the ‘club of old people’.
Recently, the Chinese state media shared a video of them ‘virtually’ interviewing over 100 rural teachers across the country. The normally unstable Jack Ma has been far from people’s eyes. He previously canceled a TV appearance and avoided social media. It sparked speculation about what could happen to Jack Ma, China’s biggest global business personality and its tech boom symbol.
Ma, a former English teacher, founded the Alibaba Group in 1999, when China had few Internet users. The online payment service Alipay launched after five years, regulators said that such businesses would be allowed. Both long shots dominated their industries. After calling regulators too conservative in their October 24 speech, his latest gambit supported him and urged him to be more innovative. He halted the imminent stock market debut of Ant Group, an online finance platform that exited Alipay. Alibaba’s share price plunged, presumably to rank Ma as China’s richest tycoon.
Beijing has launched a campaign to reduce the growing power of private technology corporations in almost every aspect of China’s life, as exemplified by the ubiquity of Tencent’s WeChat messaging service. Shares of Tencent and Xiaomi rose more than 2 percent on Tuesday.
Since then, the normally unstable Ma has canceled a TV appearance and avoided social media, staying out of the public eye. This has led to a spate of speculation about what could happen to Ma, China’s biggest global business personality and symbol of its technological boom. Alibaba and spokesperson spokespersons do not answer media questions about why Ma did not appear in public.
The 56-year-old Ma stepped down as president of Alibaba in 2019, but is part of the Alibaba Partnership, a 36-member group that has the authority to nominate most of its board of directors. He is one of the largest shareholders. Ma attended a trade conference in Shanghai, with the speech irked the regulators, some regulators he was criticizing. Chinese Vice President Wang Kishan was also in the audience.
Colliding with the ruling party’s marathon campaign to reduce rising debt, which has given rise to fears about a possible financial crisis and prompted international rating agencies to cut Beijing’s credit rating for government borrowing .
On November 3, regulators suspended Ant’s market entry. It would have been the largest share of 2020, raising some $ 37 billion. The CEO of Alibaba later praised the regulators in a possible attempt to improve relations. But Ma did not say anything. The last posting on his Sina Weibo social media account is on 17 October.