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The mainland Chinese government reportedly advised China’s richest tech mogul Jack Ma not to leave the country amid a major overhaul of Ant Group.
After Ma’s last appearance, China’s second-richest behind Zhong Shanshan, founder of bottled water company Nongu Spring – when he called on mainland authorities for outdated regulations at a Shanghai summit in October, Ant’s founder has not been seen in the public spotlight.
Since then, its businesses have faced a number of hurdles: a $ 35 billion suspended initial public offering, the proposed new antitrust rules, and a review of fintech’s non-payment financial services. Even Ma’s e-commerce business Alibaba faces scrutiny over allegations of monopolistic practices that also rely on Ant’s payment and loan platform.
In the latest move, Beijing has reached out directly to Ma and advised him not to leave the country, according to a report by “Bloomberg”, citing unidentified sources.
Personal downfall?
During his speech at the Shanghai summit, Ma criticized China’s financial industry, calling banks “pawnshop” lenders and regulators as “old men” of the global banking community who did not understand the Internet.
In addition to the dwindling possibility of an IPO revival by 2022, Ma’s wealth and influence have been reduced, the report added, though “he is not on the verge of a personal decline.”
Daily influence of the state
Meanwhile, Ant’s top executives have been working closely with regulators and providing updates almost daily, according to the report. A dedicated task force was recently created, led by the Financial Stability and Development Committee, and among its members is the president of the fintech giant. Eric Jing and CEO Simon hu.
“Recently, we at Ant Group have spared no effort in studying the 14th Five-Year Plan and the government’s policy ideas on financial security and financial stability,” Jing said recently, noting Ant’s desire for closer alignment with Beijing.
“Ant will definitely continue to improve itself, improve its sense of the big picture and responsibilities, consciously integrate corporate development into the new development landscape and new regulatory environment, and respond to the requirements and expectations of the country and society with actions. “.
