Jack Ma Company To Be Blocked By US

 The most valuable financial technology company in the world owned by Jack Ma, Ant Group, is reported to be blacklisted by the United States (US) before the firm is listed on the stock exchange.

However, it is not yet known when the US State Department will decide whether the company will be placed on a list known as the ‘Entity List’.

The 'Entity List' is a move made by Trump to prevent US firms from selling high-tech goods to blacklisted companies.

The move comes after several Trump administration officials tried to prevent U.S. investors from participating in public issue (IPO) shares for Ant Group.

The company's listing on the Shanghai and Hong Kong exchanges reportedly reached US $ 35 billion.

According to an Ant Group spokesman, although the Alipay payment application operated by his party is not available to US users, US President Donald Trump administration officials are worried that the Chinese government may access banking data belonging to potential US users.

Recently, Ant Group through its statement to Reuters explained that only 5% of its business operations operate outside China.

Ant Group is China's leading mobile payment company and offers loan, payment, insurance and asset management services through smartphone applications.

The company is owned by Alibaba for 33% and is controlled by Jack Ma.

In a different development, the Chinese Foreign Ministry stressed that it would take stern action if the US insisted on imposing sanctions on its banks in connection with the Hong Kong insurgency incident.

The U.S. Department of State today warned any international financial institution dealing with individuals responsible for the incident, would be subject to sanctions.

Chinese Foreign Ministry spokesman Zhao Lijian said the US should stop intervening and correct its own mistakes.