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After the largest IPO (initial public offering) of Alipay’s parent company Ant Group on the eve of Lu’s listing, the China Securities Regulatory Commission and other four-party related contracts traded with four high executives, including Ma Yun, the founder, and it was reiterated that “safe innovation, supervision, service entities, Open and win-win.” Xu Jin, chief financial commentator for the Chinese website of the Financial Times, noted that the 16-character focus is on oversight. “Many Chinese Internet companies are born recklessly and have no revenue supervision. The era of strong supervision.”
Ma Yun delivered a speech at the Bund Financial Summit 2020 in Shanghai on October 25, criticizing the ossification of the current financial system on the continent and criticizing many regulators around the world who had no risk after supervising, but provoked the risk that the entire economy would not develop, which generated controversy. For three consecutive days, the agency’s newspaper used the name of high-level academics to call for the strengthening of supervision and guaranteeing financial stability. However, none of the three academics was able to discover their true identities. Many media outlets have speculated that senior central bank officials were unwilling to name their criticisms and explain their positions through academic pseudonyms.
Xu Jin said on the official WeChat account “Xu Jin Economist (econhomo)” that Jack Ma’s interview first stated that Ant’s business model has been tested and the high market valuation is due to the belief that Ant is a fintech unicorn with unlimited resources. Possibility, but is now subject to supervision and is recognized as a financial institution, and the price of the shares may have the risk of fluctuations. He noted that Ant has emphasized many risks in the prospectus, so the issue price will be much lower than market expectations, only 68.8 yuan, but Ant is not a bank, its own technology, credit system, model data is still worth waiting for, not to mention that it has formed a scale. Don’t worry too much, it’s hard to say that being regulated is just plain bad.
He agreed with many parts of Jack Ma’s October speech and noted that the speech was not the main reason for the interview. With the enormous size of Grupo Ant today, I am afraid it would have been difficult to escape the supervision of the intervention. Furthermore, in addition to its own struggle, fate must also consider the general situation and the course of time. . Xu Jin specifically mentioned that on October 31, the Financial Stability Committee of the State Council emphasized that “the current rapid development of financial technology and financial innovation should handle the relationship between financial development, financial stability and financial security. “. Strengthening supervision is the future trend, Jack Ma said. A statement may have nothing to do with the overall situation.
Xu Jin concluded that if innovation can exist, the prerequisite is still the regulatory license. She wrote: “This time we can see that the supervision is showing a bit of teeth. Even the verbal appearance of” father “can make countless upstarts feel pressured. If you understand what a soft class is, this time you can learn. is it a tough class? This is the true hard power or the so-called tough class, after all, strength comes from the production and manufacturing capacity of order, and wealth is just a bubble of order. 2020 is already very difficult, For ordinary people, it creates two things. The world’s largest IPO company may not be an exception. It’s a gloomy fall, but the true winter is yet to come. “
(Zhongshi News Network)
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