Why Jack Ma is no longer China’s Business Tycoon

Jack Ma has been the most favoured businessman of the CCP but CCP punishes him for just one note of dissent.The CCP seems to be turning more and more vindictive and now even Jack Ma the founder of e-commerce giant Alibaba seems to have become a victim of CCP’s vindictiveness. Ma who once used to be among the most favourite businessmen of the CCP is now being punished by the same party, in fact china has reportedly halted jack ma-led and group companies 35 billion dollar sale in shanghai and Hong Kong in a bid to settle scores with Jack Ma.

The bid to halt and IPO comes as quite a shock given that Ma is himself a loyal CCP member. Who has promised to happily hand over all his businesses to the party, if it so desires but now Ma is being made to pay for speaking up against the CCP publicly. Jack ma was irritated about China’s financial regulation and wanted Ant to be treated as a technology company as against a well-regulated financial institution but the billionaire made a huge blunder by openly expressing his opinion at a public event last month. Jack ma went as far as calling financial regulation outdated and badly suited for upcoming fintech solution companies like Ant group. According to Reuters, a person with knowledge of the matter said that Ant believes that public criticism by Ma led to him drawing the fire of regulators.

As per Reuters sources say that, there was a meeting between jack Ma And china’s financial regulators during which Ma And his top executives were told that Ant group companies online lending business will face greater scrutiny. It was after this meeting that the shanghai stock exchange gave a major shock to Jack MA and announced that it had suspended the fintech solution company’s IPO on star market also prompting Ant to freeze the Hong Kong leg of its dual listing. The shanghai stock exchange itself has described ant’s meeting with financial regulators as a major event and has also claimed that the showdown along with tougher regulatory environment has disqualified Ant from listing within China.

The latest move to shatter the IPO is being seen as a harsh message to Jack Ma and  Frances Lun CEO of Geo Securities said the communist party has shown the tycoons whose the boss. Jack Ma might be the richest man in the world but that doesn’t mean a thing. This has gone from the deal of the century to the shock of the century. The CCP has managed to inflict heavy Losses upon Alibaba with its latest move to derail ants ambitious IPO. The Jack Ma led Alibaba group owns about one third of Ant and therefore, it doesn’t come as a surprise that Alibaba fell by 9 point in American trading and 76 billion Dollars of its value too got wiped off. Alibaba has lost more than double of the amount, that Ant was looking to raise from its IPO. However, this is hardly the first time that the CCP has gone after someone who was once seen as loyal to the communist party take for example Jackie Chan who supported the Hong Kong national security law and yet got his mansion seized by the Chinese communist party.

Jack Ma is now being victimized in a similar Manner even though he used to be CCP’s favourite businessman not a very long time ago. The message from china is loud and clear the CCP doesn’t consider anyone a friend, even if someone like Jack ma. Makes any remarks that tend to be a little critical of the CCP the party will retaliate with all its Might. Jack Ma’s remarks about Chinese financial regulation are therefore going to cost him In billions.

– By Priyansh Gupta

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