Xi Jinping, the Chinese government seems to be watching every activity and movement of the founder of Alibaba Group Holding Ltd. and Ant Group Co., Jack Ma after the millionaire criticized the state regulator.
Recently, the United States was reportedly considering restricting investments in Alibaba and Tencent after President Donald Trump signed an executive order restricting transactions involving 8 Chinese applications including Alipay and WeChat Pay yesterday.
Beijing's actions indirectly added pressure to Jack Ma, again after the Ant group's public offering (IPO) to Hong Kong and Shanghai exchanges worth $ 35 billion in November was blocked by regulators, causing the millionaire to lose more than $ 3 billion!
Authorities then forced his online e-commerce company to close the loan and plan to issue his most lucrative business. They also launched an investigation into allegations of anti-monopoly practices on Alibaba.
The stern action against Ma signals that Beijing has dared to take the risk of an international collapse by taking steps to address domestic challenges.
Under Xi Jinping's rule, the Chinese Communist Party (CCP) has tightened its grip on technology companies and doubled techno-nationalist initiatives by placing party officials in the organizations of leading firms.
CCP has also actually controlled and supervised the activities of certain private companies including foreign companies operating in the country. They do not hesitate to punish the executive if found guilty of misconduct in management.
Perhaps this is the reason why Jack Ma disappeared for more than two months before CNBC reported the existence of the millionaire who deliberately did not want to show himself out of the public eye.
