Chinese President Xi Jinping has reportedly directly intervened to tame Jack Ma and his company. In the latest news, the reason is not only because the founder of Alibaba criticized China’s financial system in his speech, but there is also a political element.
The speech criticized China’s outdated financial system, angering the Chinese government and Xi Jinping. The IPO of Ant Financial, a fintech company owned by Jack Ma, was cancelled. Even Jack Ma himself had not known his fate until 3 months.
However, Jack Ma is believed not to have been detained or subjected to severe witnesses, as evidenced by his recent appearance even though it was only in an online video. It could be said he was only given a lesson.
Well, according to a recent report from the Wall Street Journal citing related sources, it is indicated that Xi Jinping sacked Jack Ma and Ant Financial because it was feared there was a flow of funds to Xi’s political opponents and could be a challenge in the future.
According to the WSJ, Beijing is concerned about ant financial’s complex ownership structure. There are some figures that Xi Jinping may not like to benefit greatly from the IPO.…