China CCP to Nationalize Jack Ma's Alibaba and Ant Group

China CCP to Nationalize Jack Ma's Alibaba and Ant Group

But the regulatory intervention also appeared to be a test of political power after Ma attacked Xi's policies in a speech on October 24 and accused the government of stifling innovation. In the weeks since then, regulators have ordered Ant to restructure large swaths of the company.

Ma giving a lecture in Hupan University.

"Tencent has really made these investments just to see what people are doing in the USA and how they can be applied in China", said the CEO of the Tencent-backed startup. He was eventually jailed for 18 years on corruption charges. Ma felt that this method of China is outdated. In addition to his fortune, which has decreased by $ 11 billion since October, it has dropped to 25th place in the Bloomberg Billionaires Index. The rise, although growing, reflects the company's growing interest in a very lucrative but also lucrative field.

That was Ma's last public appearance. However, some companies were exempted from this rule, including Alibaba and Tencent, which see most of their shares being held by overseas players.

In a separate action earlier this week, President Trump signed an order prohibiting us individuals and companies from transacting with eight Chinese software apps including Alibaba affiliate Ant Group Co.'s Alipay and Tencent's WeChat Pay.

Tencent and Alibaba are yet to elaborate on this matter.

But authorities in China increasingly view that outsized influence as a risk to the country's political and economic stability.

Covid-19: 'Major Incident' Declared In London As Hospitals Face 'Critical' Threat
The United Kingdom, Germany and the United States have all recorded their highest daily death tolls from the coronavirus pandemic. In a statement yesterday, Khan said: "The situation in London is now critical with the spread of the virus out of control".

"It's discipline", Scissors said, noting that regulators had previously approved plans for Ant's IPO.

But China's state-run Global Times has said Biden's choice of Commerce Secretary, Rhode Island governor Gina Raimondo, may "ease China-US trade tensions". The Communist Party published an unusually frank set of guidelines in September, for example, that called on its members to "educate private businesspeople to weaponize their minds with [Xi's] socialism ideology". What came after is a months-long crackdown. During these statements made in 2019, Jack Ma criticized the institutions and state banks that regulate the markets in China.

Ma, a Communist Party member, remains out of sight. The billionaire has not been seen in public since November and his absence from the recent taping of an African TV program he created spurred speculation of his whereabouts.

Beijing has moved to fundamentally overhaul Ma's trillion-dollar internet empire since demolishing Ant's $35 billion public offering in November, a record-breaking debut that was to have been the entrepreneur's crowning achievement.

Recent reports from China seemingly indicate that the Chinese government is planning to nationalize Alibaba and the Ant Group, founded by mogul Jack Ma. He added that the company likely knows that it won't help to have any "diversity of opinion" on the issue. He also likened the Basel accords, the global banking regulatory system, to an "old people's club". Authorities in Washington have been ramping up efforts to deprive Chinese companies of USA capital in the final months of the Trump administration, adding to economic tensions as President-elect Joe Biden prepares to take over this month.

The loss of that kind of voice, though, will have consequences for Beijing, Mitter said.

Shares in China's two biggest companies Alibaba and Tencent tumbled in Hong Kong today in response to media reports that the Trump administration plans to press ahead with a ban on Americans investing in them. Stifling criticism from those tech leaders at home could make exerting influence overseas even harder. There have been some claims about Alibaba's founder Jack Ma for a while.

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