Alibaba and Ant Group’s founder, Jack Ma, has fallen from his position as China’s richest man due to his peers benefiting while he was subjected to government scrutiny.
The Ma family topped China’s wealthiest list in both years and on the Hurun Rich List in 2010 and 2011, but trail Nong Spring’s Zhong, Tencent Holdings’ Collin Huang, and Pinduo, who own a bottled water business, in 2018 and 2019.
In the Hurun Study, he fell from China’s third to fifth richest in three rankings due to government control on Ant and Alibaba’s anti-monopoly policies.
Ma’s recent misfortunes were caused by a speech he delivered on October 24th, which damaged China’s regulatory system. As a result, his company’s planned $37 billion IPO was canceled just days before it was to occur.
Since that time, the antitrust agencies have intensified their scrutiny of the country’s technology sector, with Alibaba as the main target; in December, the government began an official investigation into Alibaba.
Meanwhile, China’s regulatory authorities have become even more involved in financial technology, demanding that Ant integrate some of its companies into a similar financial institution that governs the business.
Ma, who wasn’t one to back down from the spotlight, subsequently went missing for three months. Returning to prominence in January, he re-emerged with a 50-second cameo.
To note, Beijing Wantai Biological Pharmacy, a vaccine manufacturer in Zhong’s control, propelled him to the role of China’s current richest man.
The list says that Tencent Ma’s wealth increased by 70% over the years to 480 billion yuan, while Pindu Huang’s wealth grew by 283%. His family’s wealth increased 22% to 360 billion yuan, on the other hand.
People will often be asking, “Who is Jack Ma?”
He spoke at an award ceremony in Sanya, a coastal city in China, for some of the Jack Ma Rural Teacher Award winners.
Due to the outbreak, he did not mention this in his address.
Xie Pu argues that the media and public have misinterpreted Ma’s decision to withdraw from the public eye and should not be considered a sign of weakness.
The Chinese billion is lying low after the econ reform. Primary sources of information include newspapers, books, TV, and the Internet.
According to public statements, Ma recently told investors that Alibaba is hoping to collect at least $5 billion this month by the issue of a dollar-denominated bond. Reuters predicts that the bond issuance will reach $8 billion, which is believed to be used for the general corporation.
A recent antitrust investigation targeted Alibaba. Over the past year, China has taken strong measures to curb anti-competitive activities in China’s developing internet space.
Alibaba Group CEO Ma held a press conference with 100 rural teachers in China on Wednesday morning, creating a significant increase in the listed company’s stock price.
Following news reports that he missed the final episode of a TV show in which he played a judge, it recently came to light that he has a vast business empire in China; public speculation ensued about his whereabouts.
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