Jack Ma can no longer leave China



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Apparently, the Chinese authorities want to do more than fool internet billionaire Jack Ma. The founder of the world’s most valuable financial technology, Ant Financial, is reportedly no longer allowed to leave the country, and that is not everything.

Since Ant Financial’s double initial public offering was surprisingly suspended last November Jack Ma it is no longer performed publicly. With a tirade against Chinese banks (the founder of fintech Ant had accused financial institutions of having a lender mentality weeks earlier), China’s second-richest man enraged authorities and was immediately tied up.

But apparently the billionaire is not yet without problems. As the agency «Bloomberg» (Paid article) reports, Ma is no longer allowed to leave the country.

Review the business model

This while regulators make Ant at fault. None other than the central bank, the Bank of China, had accused Ant of not being so strict about compliance. Since then, the management of the world’s most valuable fintech, which wanted to raise another 37 billion dollars in the stock market, has gone at lightning speed to remedy the alleged shortcomings.

Like the British newspaper “Financial Times” (Paid article), the “ant” now has to review the business model. As a result, lucrative consumer loans and securitizations in the investment sector suffer.

Alibaba also noted

Besides that. Ant’s parent company Alibaba, the Chinese counterpart to the American trading platform Amazon, has recently become the target of an investigation into distortion of competition: the number one online commerce in mainland China may have followed practices monopoly, according to Beijing’s indictment.

As a result, Alibaba’s share price has already fallen; now it remains to be seen whether China will follow the trend in the US of dividing internet giants like Google, Apple, Facebook or Amazon into smaller chunks.

Bitcoin’s journey up the mountain and valley is haunting investors. Can you trust this cryptocurrency?

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  • Yes, but caution is required.

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