Chinese billionaire Jack Ma is planning to give up control of the financial technology company Ant group. The move is being seen as a part of an effort by the Fintech company to appease the regulators.

Report: Jack Ma to cede control of Ant group

The Wall Street Journal reported on Thursday that Chinese billionaire Jack Ma intends to give up control of Ant Group Co as part of the fintech giant's effort to win over regulators after a protracted crackdown. According to Dow Jones, the transfer of control by Ma might delay Ant's initial public offering by a year or more. The publication cited Chinese securities regulations that call for a suspension of public listings for businesses that have undergone a change of ownership.

Alibaba has not yet made any public comments about it. Before the bell, the company's US-listed shares were trading down.&nbsp;

Ma, a 57-year-old former English teacher who is now one of China's most well-known businessmen, has been the subject of government action that seems to have been taken to lessen his influence and the power of his firms.

Watch: Unconfirmed reports link Jack Ma to government probe, Alibaba's shares fall 9% in Hong Kong

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Since separating Ant's antecedent assets from Alibaba more than ten years ago, he has had control over the company. Over time, he transformed it into a corporation that now controls the Alipay payments network, which has more than one billion users, as well as a sizable microlending operation and an investment platform that previously housed the largest money-market fund in the world. If Ant went public, its value was projected to exceed $300 billion.

Ma is a towering figure at Ant, owning 50.52 percent of the company's shares through an entity in which he has a dominant position despite not holding an executive position or being on the board.

Some of the sources claimed that he may have given up control by giving up some of his voting rights to other Ant leaders, such as Chief Executive Eric Jing, so that they would then all have collective authority over the business.

According to a Reuters report from last year, Ant was looking into ways for Ma to give up control of and sell his interest in the leading financial technology company. Ant, a unit of Alibaba, has undergone a comprehensive restructuring by China after the country's regulators halted its $37 billion initial public offering in late 2020. After the cancellation, Ant, which Ma controls, started a regulatory-driven reorganisation plan that would transform it into a financial holding company. 
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The Wall Street Journal reported on Thursday that Chinese billionaire Jack Ma intends to give up control of Ant Group Co as part of the fintech giant's effort to win over regulators after a protracted crackdown.

The Wall Street Journal reported on Thursday that Chinese billionaire Jack Ma intends to give up control of Ant Group Co as part of the fintech giant's effort to win over regulators after a protracted crackdown. According to Dow Jones, the transfer of control by Ma might delay Ant's initial public offering by a year or more. The publication cited Chinese securities regulations that call for a suspension of public listings for businesses that have undergone a change of ownership. Alibaba has not yet made any public comments about it. Before the bell, the company's US-listed shares were trading down. Ma, a 57-year-old former English teacher who is now one of China's most well-known businessmen, has been the subject of government action that seems to have been taken to lessen his influence and the power of his firms. Watch: Unconfirmed reports link Jack Ma to government probe, Alibaba's shares fall 9% in Hong Kong Since separating Ant's antecedent assets from Alibaba more than ten years ago, he has had control over the company. Over time, he transformed it into a corporation that now controls the Alipay payments network, which has more than one billion users, as well as a sizable microlending operation and an investment platform that previously housed the largest money-market fund in the world. If Ant went public, its value was projected to exceed $300 billion. Ma is a towering figure at Ant, owning 50.52 percent of the company's shares through an entity in which he has a dominant position despite not holding an executive position or being on the board. Some of the sources claimed that he may have given up control by giving up some of his voting rights to other Ant leaders, such as Chief Executive Eric Jing, so that they would then all have collective authority over the business. According to a Reuters report from last year, Ant was looking into ways for Ma to give up control of and sell his interest in the leading financial technology company. Ant, a unit of Alibaba, has undergone a comprehensive restructuring by China after the country's regulators halted its $37 billion initial public offering in late 2020. After the cancellation, Ant, which Ma controls, started a regulatory-driven reorganisation plan that would transform it into a financial holding company. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Jack Ma intends to give up control of the Ant Group: Wall Street Journal

Chinese ride-hailing company Didi Global is set to be fined more than one billion dollars by the Chinese financial regulators. The Cyberspace Administration of China (CAC) came down heavily upon the cab-sharing service last year, days after it had gone public with its IPO (Initial Public Offering) at the US Stock Exchange.

Chinese ride-hailing company Didi Global is set to be fined more than one billion dollars by the Chinese financial regulators. The Cyberspace Administration of China (CAC) came down heavily upon the cab-sharing service last year, days after it had gone public with its IPO (Initial Public Offering) at the US Stock Exchange. Reportedly, after the fine is unveiled, Didi Global will be allowed to add new users to its platform. When the ban was announced in June 2021, the Communist Party of China (CCP) forced the company to remove its app from the various app stores. According to those privy to the matter, Didi is also expected to file for a fresh share listing but this time in Hong Kong. The company delisted itself from the US Stock Exchange last month. The fine, expected to be around 4 per cent of Didi’s $27.3 billion total sales last year, will bring an end to a probe that was engineered by Xi Jinping as he went after nearly every big tech and internet company in China, including Alibaba and Tencent. Read More: Didi considers giving up data control to appease China: Reports It is reported that one of the major reasons for Xi's paranoia last year was that Didi was listed in the US under the precondition of sharing audit details with the US regulators. Under the CCP, Chinese companies have been restricted by Chinese law to share any kind of information with foreign entities. Such was Xi's purge process that Alibaba founder Jack Ma disappeared from the public eye for several weeks after questioning the Chinese regulators. The Ant IPO was also tanked by Politburo as it sought to teach the tech sector a lesson. In the end, Xi Jinping came on top of it as the tech behemoths quietly accepted the diktat. (With inputs from agencies) WATCH WION LIVE HERE:

Didi Global fined $1 billion by Chinese regulators; Jinping's purge process of tech sector finally complete

The Wall Street Journal has reported that e-commerce giant Alibaba's executives, including Cloud vice president Chen Xuesong were hauled in by Chinese officials over a massive data heist.

Following the release of the report, the company's shares slumped 5.7 per cent at the opening in Hong Kong.

Previously, the personal information of more than 1 billion Chinese residents was hacked in a cyber attack as per&nbsp;the Shanghai police.

Citing cybersecurity researchers, WSJ reported that a dashboard for managing the database was left open on the internet for over a year without a password.

<a href="https://www.wionews.com/world/random-guy-named-ma-gets-detained-alibaba-loses-usd-26-billion-476568">Also read |&nbsp;Random guy named Ma gets detained, Alibaba loses USD 26 billion</a>

Launching an inspection since the theft was discovered, the Shanghai police said that the data was hosted on Alibaba's cloud platform.

If Alibaba indeed was connected to the alleged breach then it would be "at the mercy of Beijing's regulators," according to the chief investment officer at Kaiyuan Capital in Hong Kong, Brock Silvers.

"New business could be impaired until this matter is cleared. Even when it is cleared, there is potential for substantial fines," he said.

After a seller advertised the stolen database in a cybercrime forum, the report added that senior managers from Alibaba and its cloud unit held a virtual meeting on July 1.

Ostensibly for security purposes, China maintains a sprawling nationwide surveillance network that collects huge amounts of data from its citizens.

(With inputs from agencies)

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The Wall Street Journal has reported that e-commerce giant Alibaba's executives, including Cloud vice president Chen Xuesong were hauled in by Chinese officials over a massive data heist.

The Wall Street Journal has reported that e-commerce giant Alibaba's executives, including Cloud vice president Chen Xuesong were hauled in by Chinese officials over a massive data heist. Following the release of the report, the company's shares slumped 5.7 per cent at the opening in Hong Kong. Previously, the personal information of more than 1 billion Chinese residents was hacked in a cyber attack as per the Shanghai police. Citing cybersecurity researchers, WSJ reported that a dashboard for managing the database was left open on the internet for over a year without a password. Also read | Random guy named Ma gets detained, Alibaba loses USD 26 billion Launching an inspection since the theft was discovered, the Shanghai police said that the data was hosted on Alibaba's cloud platform. If Alibaba indeed was connected to the alleged breach then it would be "at the mercy of Beijing's regulators," according to the chief investment officer at Kaiyuan Capital in Hong Kong, Brock Silvers. "New business could be impaired until this matter is cleared. Even when it is cleared, there is potential for substantial fines," he said. After a seller advertised the stolen database in a cybercrime forum, the report added that senior managers from Alibaba and its cloud unit held a virtual meeting on July 1. Ostensibly for security purposes, China maintains a sprawling nationwide surveillance network that collects huge amounts of data from its citizens. (With inputs from agencies) Watch WION's live TV here:

Report says Alibaba's executives hauled in by Chinese officials over data heist

In a case that has cast a rare spotlight on workplace harassment in China, a former employee of Chinese e-commerce giant Alibaba has accused her then-manager of trying to rape her on a business trip last year.

After a second man in the case was sentenced to 18 months in prison for sexual assault, she alleged in a lengthy account posted online this week that there were inconsistencies in a police statement.

Highlighting the struggle and backlash that victims face when coming forward with allegations, the high-profile case kicked off a national discussion last year over workplace sexual harassment.

Instead of taking action against the manager, who has been identified in police statements only by his last name, Wang was fired along with Zhou.

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Criticising the official police account, Zhou said it turned her manager from “someone who objectively has criminal intention, a rapist with actual criminal intentions, into a good boss caring for his drunk female subordinate.”

“And as for me? ... I have become a slut who is falsely accusing the male boss that she was carrying on with,” she continued.

After Zhou reported him to the police, Wang asked another Alibaba employee who was his deputy to talk with her and offered her 600,000 yuan ($90,000) to settle the matter privately.

Saying the actions did not constitute a crime, Wang was detained for 15 days, but prosecutors did not approve an arrest on formal charges.

Elaborating on her post, she told the AP that “He voluntarily cancelled his taxi on the app, carried my stolen ID card, went back to the hotel and added himself to my room, sexually violated me.”

“All these things show that not only did he intentionally try to rape, but also he committed a criminal act,” she added.

Denying all charges against her husband, Wang’s wife wrote that “this entire thing was all voluntary on Zhou’s part, self-directed and self acted, a small essay full of lies to frame and harm Zhang and Wang.”

(With inputs from agencies)

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In a case that has cast a rare spotlight on workplace harassment in China, a former employee of Chinese e-commerce giant Alibaba has accused her then-manager of trying to rape her on a business trip last year.

In a case that has cast a rare spotlight on workplace harassment in China, a former employee of Chinese e-commerce giant Alibaba has accused her then-manager of trying to rape her on a business trip last year. After a second man in the case was sentenced to 18 months in prison for sexual assault, she alleged in a lengthy account posted online this week that there were inconsistencies in a police statement. Highlighting the struggle and backlash that victims face when coming forward with allegations, the high-profile case kicked off a national discussion last year over workplace sexual harassment. Instead of taking action against the manager, who has been identified in police statements only by his last name, Wang was fired along with Zhou. × Criticising the official police account, Zhou said it turned her manager from “someone who objectively has criminal intention, a rapist with actual criminal intentions, into a good boss caring for his drunk female subordinate.” “And as for me? ... I have become a slut who is falsely accusing the male boss that she was carrying on with,” she continued. After Zhou reported him to the police, Wang asked another Alibaba employee who was his deputy to talk with her and offered her 600,000 yuan ($90,000) to settle the matter privately. Saying the actions did not constitute a crime, Wang was detained for 15 days, but prosecutors did not approve an arrest on formal charges. Elaborating on her post, she told the AP that “He voluntarily cancelled his taxi on the app, carried my stolen ID card, went back to the hotel and added himself to my room, sexually violated me.” “All these things show that not only did he intentionally try to rape, but also he committed a criminal act,” she added. Denying all charges against her husband, Wang’s wife wrote that “this entire thing was all voluntary on Zhou’s part, self-directed and self acted, a small essay full of lies to frame and harm Zhang and Wang.” (With inputs from agencies) Watch WION's live TV here:

Ex-boss should be charged with rape, says former Alibaba employee

Sorry Shakespeare, all IS in name. At least USD 26 billion are. Jack Ma, the Chinese e-commerce tycoon may have suffered a tiny hiccup if he checked his net worth on Tuesday. There was a drop in his wealth by USD 26 billion. This was caused due to&nbsp;rapid fall in share prices of Alibaba, Jack Ma's e-commerce behemoth. How? Why? Where? Read on.

Jack Ma has been at the receiving end of Chinese State's crackdown lately. The tech tycoon was also reported to have fallen out of favour with powerful Chinese politicians for some time.

It is perhaps why, when Chinese State broadcaster CCTV reported that 'Ma' was detained, markets shuddered. Alibaba is based in the city of Hangzou in China. The detainment of 'Ma' took place in this very city, reported media.

What followed was a share market bloodbath in which Alibaba lost USD 26 billion of its market value. Investors naturally scrambled to sell their shares fearing 'Ma's arrest spelled doom for the company.

Amid all the crazy frenzy, The Global Times' former Editor-in-Chief Hu Xijin clarified on China's Twitter-like platform Weibo that the person detained was a random guy with the surname 'Ma' and NOT Jack Ma, the tycoon.

The Global Times is a Chinese state-run tabloid. To further calm the frenzy, the tabloid said that the detained Ma was born in 1985 while it's a public knowledge that Jack Ma was born in 1964.

The clarification gave a filip to Alibaba's shares and the company recovered most of the loss by end of the day.

Decode the geostrategy, diplomacy, and ideologies of the world’s unending wars. Catch our special series ‘World at War’ every Saturday at 8:30 PM IST and Sunday at 10:30 PM IST only on WION.

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Sorry Shakespeare, all IS in name. At least USD 26 billion are. Jack Ma, the Chinese e-commerce tycoon may have suffered a tiny hiccup if he checked his net worth on Tuesday.

Sorry Shakespeare, all IS in name. At least USD 26 billion are. Jack Ma, the Chinese e-commerce tycoon may have suffered a tiny hiccup if he checked his net worth on Tuesday. There was a drop in his wealth by USD 26 billion. This was caused due to rapid fall in share prices of Alibaba, Jack Ma's e-commerce behemoth. How? Why? Where? Read on. Jack Ma has been at the receiving end of Chinese State's crackdown lately. The tech tycoon was also reported to have fallen out of favour with powerful Chinese politicians for some time. It is perhaps why, when Chinese State broadcaster CCTV reported that 'Ma' was detained, markets shuddered. Alibaba is based in the city of Hangzou in China. The detainment of 'Ma' took place in this very city, reported media. What followed was a share market bloodbath in which Alibaba lost USD 26 billion of its market value. Investors naturally scrambled to sell their shares fearing 'Ma's arrest spelled doom for the company. Amid all the crazy frenzy, The Global Times' former Editor-in-Chief Hu Xijin clarified on China's Twitter-like platform Weibo that the person detained was a random guy with the surname 'Ma' and NOT Jack Ma, the tycoon. The Global Times is a Chinese state-run tabloid. To further calm the frenzy, the tabloid said that the detained Ma was born in 1985 while it's a public knowledge that Jack Ma was born in 1964. The clarification gave a filip to Alibaba's shares and the company recovered most of the loss by end of the day. Decode the geostrategy, diplomacy, and ideologies of the world’s unending wars. Catch our special series ‘World at War’ every Saturday at 8:30 PM IST and Sunday at 10:30 PM IST only on WION. WATCH WION LIVE HERE ×

Random guy named Ma gets detained, Alibaba loses USD 26 billion

Netizens on Tuesday (May 3) claimed that the 'IT director' detained in China on charges of subversion of state and colluding with outside forces is billionaire Alibaba founder Jack Ma.

The speculation started after the Hangzhou state security bureau confirmed that the name of the man arrested, for trying to split the country, ends with ''Ma.''

The Global Times made the announcement on the microblogging platform Twitter, A male department director of an internet company was detained on suspicion of colluding with outside forces and trying to subvert the state and split the country, the state security bureau in Hangzhou, East China’s Zhejiang Province, announced on Tuesday.''

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A male department director of an internet company was detained on suspicion of colluding with outside forces and trying to subvert the state and split the country, the state security bureau in Hangzhou, East China’s Zhejiang Province, announced on Tuesday. <a href="https://t.co/DnI2chxQ7M">pic.twitter.com/DnI2chxQ7M</a>
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''Aside from forming illegal organizations and making political outlines to subvert the state, Ma also targeted young people and university students, inciting them to join in activities that smear the country and the people,'' it added.

"With the incitement of an anti-China figure, Ma created an online anonymous group to play the role of an agent of outside forces, spread rumours and disinformation, and release a so-called independence declaration to split the country and subvert the state."

A Weibo user wrote "Hangzhou, internet company... Why do I smell Alibaba?".

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The mouthpiece of the Chinese Communist Party confirmed with a related department about the man's information learned that his name has three Chinese characters,&nbsp;indicating that it was not.&nbsp; After the release of the report, Alibaba shares fell as much as 9 per cent on Tuesday.

Steven Leung, a sales director at brokerage UOB Kay Hian, told news agency Reuters that "Talk that a guy with the surname Ma in Hangzhou helped out an investigation triggered the panic, but as clarification came up... (it helped) calm down the market."

Amid an unprecedented regulatory crackdown on the sector for violations of antimonopoly, data privacy, and other rules, shares of Alibaba and other Chinese internet companies have been under pressure in the last couple of years.

Antitrust investigations were launched against Alibaba in April 2021 which resulted in a record $2.75 billion fine.

In 2020, the $37 billion listing of his fintech firm Ant Group was suspended by regulators two days before its planned debut.

(With inputs from agencies)

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Netizens on Tuesday (May 3) claimed that the 'IT director' detained in China on charges of subversion of state and colluding with outside forces is billionaire Alibaba founder Jack Ma.

Netizens on Tuesday (May 3) claimed that the 'IT director' detained in China on charges of subversion of state and colluding with outside forces is billionaire Alibaba founder Jack Ma. The speculation started after the Hangzhou state security bureau confirmed that the name of the man arrested, for trying to split the country, ends with ''Ma.'' The Global Times made the announcement on the microblogging platform Twitter, A male department director of an internet company was detained on suspicion of colluding with outside forces and trying to subvert the state and split the country, the state security bureau in Hangzhou, East China’s Zhejiang Province, announced on Tuesday.'' A male department director of an internet company was detained on suspicion of colluding with outside forces and trying to subvert the state and split the country, the state security bureau in Hangzhou, East China’s Zhejiang Province, announced on Tuesday. pic.twitter.com/DnI2chxQ7M — Global Times (@globaltimesnews) May 3, 2022 × ''Aside from forming illegal organizations and making political outlines to subvert the state, Ma also targeted young people and university students, inciting them to join in activities that smear the country and the people,'' it added. "With the incitement of an anti-China figure, Ma created an online anonymous group to play the role of an agent of outside forces, spread rumours and disinformation, and release a so-called independence declaration to split the country and subvert the state." A Weibo user wrote "Hangzhou, internet company... Why do I smell Alibaba?". The mouthpiece of the Chinese Communist Party confirmed with a related department about the man's information learned that his name has three Chinese characters, indicating that it was not. After the release of the report, Alibaba shares fell as much as 9 per cent on Tuesday. Steven Leung, a sales director at brokerage UOB Kay Hian, told news agency Reuters that "Talk that a guy with the surname Ma in Hangzhou helped out an investigation triggered the panic, but as clarification came up... (it helped) calm down the market." Amid an unprecedented regulatory crackdown on the sector for violations of antimonopoly, data privacy, and other rules, shares of Alibaba and other Chinese internet companies have been under pressure in the last couple of years. Antitrust investigations were launched against Alibaba in April 2021 which resulted in a record $2.75 billion fine. In 2020, the $37 billion listing of his fintech firm Ant Group was suspended by regulators two days before its planned debut. (With inputs from agencies) Watch WION's live TV here:

Netizens claim 'IT director' detained in China on charge of 'subversion of state' is Jack Ma

Chinese Billionaire Jack Ma's absence from the public scene has created confusion for the general public and this confusion has cost Alibaba $26bn. Company's shares fall 9% in Hong Kong

Unconfirmed reports link Jack Ma to government probe, Alibaba's shares fall 9% in Hong Kong

The sudden death of Chinese tech worker due to overwork has triggered a furore in the country, with many raising voices against the return of the toxic ‘996 culture’.

The 25-year-old reportedly died soon after he was admitted to a hospital from his home on Saturday afternoon, The Guardian reported.

The video platform Bilibili, where the man was working as a content auditor, said company representatives went to the hospital to assist and then notified his family.

The incident triggered outrage in China's social media platforms after it merged that the man, who had worked throughout a week-long public holiday, died of a brain haemorrhage.

However, the company defended itself saying that the 25-year-old, whose name is yet to be revealed, had been working from 9.30 am to 6.30 pm for the past week, with no overtime.

"The death of this excellent worker is not only an enormous loss to the company, but has also served as a wake-up call to us," Bilibili said in a statement.

“We should make active improvements in checking up on the physical health of employees to prevent similar tragedies from happening again,” it added.

On Monday, social media platform Weibo was buzzed with the hashtag "Bilibili worker” on Monday when a workplace blogger reported the man’s death, citing anonymous colleagues claiming that he was forced to work overtime, reported AFP.

The same day, a Weibo user claiming to be the man's sister wrote a long post thanking the blogger and alleging that Bilibili tried to suppress news of his death internally.

“Is it that hard to give a sincere apology? Does my brother's twenty-something-year-old life not count?” she wrote, in a post that gained over 870,000 likes.

According to Chinese law, businesses should not allow their staff to work more than eight hours a day or 40 hours a week, and overtime is restricted to 36 hours a month.

But several Chinese companies still operate through the ‘996’ work mode, where it is expected from the employees, especially in the tech industry, to work from 9 am to 9 pm six days a week.

The expectation has in the past been promoted by high-profile figures including the Alibaba founder, Jack Ma.

(With inputs from agencies)

The sudden death of Chinese tech worker due to overwork has triggered a furore in the country, with many raising voices against the return of the toxic ‘996 culture’.

The sudden death of Chinese tech worker due to overwork has triggered a furore in the country, with many raising voices against the return of the toxic ‘996 culture’. The 25-year-old reportedly died soon after he was admitted to a hospital from his home on Saturday afternoon, The Guardian reported. The video platform Bilibili, where the man was working as a content auditor, said company representatives went to the hospital to assist and then notified his family. The incident triggered outrage in China's social media platforms after it merged that the man, who had worked throughout a week-long public holiday, died of a brain haemorrhage. However, the company defended itself saying that the 25-year-old, whose name is yet to be revealed, had been working from 9.30 am to 6.30 pm for the past week, with no overtime. "The death of this excellent worker is not only an enormous loss to the company, but has also served as a wake-up call to us," Bilibili said in a statement. “We should make active improvements in checking up on the physical health of employees to prevent similar tragedies from happening again,” it added. On Monday, social media platform Weibo was buzzed with the hashtag "Bilibili worker” on Monday when a workplace blogger reported the man’s death, citing anonymous colleagues claiming that he was forced to work overtime, reported AFP. The same day, a Weibo user claiming to be the man's sister wrote a long post thanking the blogger and alleging that Bilibili tried to suppress news of his death internally. “Is it that hard to give a sincere apology? Does my brother's twenty-something-year-old life not count?” she wrote, in a post that gained over 870,000 likes. According to Chinese law, businesses should not allow their staff to work more than eight hours a day or 40 hours a week, and overtime is restricted to 36 hours a month. But several Chinese companies still operate through the ‘996’ work mode, where it is expected from the employees, especially in the tech industry, to work from 9 am to 9 pm six days a week. The expectation has in the past been promoted by high-profile figures including the Alibaba founder, Jack Ma. (With inputs from agencies)

Chinese worker falls prey to ‘996’ work culture, reigniting overtime debate

In Pics| China's rich list: Jack Ma drops, TikTok founder moves up

Alibaba group holding saw a dip of $344 billion in the world's biggest wipeout after its founder Jack Ma bluntly criticised the Chinese Financial System last year.

Alibaba loses $344 bn in one year in world's biggest wipeout of market capital

It has been a year since the speech delivered by the Alibaba boss Jack ma that resulted in a big wipeout; Jack ma had delivered a blunt criticism of the country's financial system.

One year since Jack Ma's speech, Alibaba has lost $344 billion: Report

When Alibaba founder, Jack Ma, delivered a blunt criticism of China's financial system last October, few could have predicted the downward spiral that Alibaba Group Holding's has witnessed.

According to a Bloomberg report, in just a year, the technology titan, Alibaba has lost around $344 billion in market capitalisation, the largest ever decline in shareholder value globally.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/jack-mas-reported-europe-trip-boosts-alibaba-shares-422344">Jack Ma's reported Europe trip boosts Alibaba shares</a>

In the aftermath of the now-infamous speech, Beijing suspended the listing of its Ant Group company, which Ma had spun off from Alibaba.

In response to Jack Ma's speech last year, Chinese authorities had not only pulled Ant's IPO but also launched an antitrust probe against Alibaba, which ultimately resulted in a $2.75 billion fine for the company.

The value of Alibaba's stock fell the most over the past year globally.

Also read |&nbsp;<a href="https://www.wionews.com/technology/alibaba-unveils-custom-arm-based-server-chip-for-cloud-computing-data-centers-421947">Alibaba unveils custom ARM-based server chip for cloud computing data centers</a>

As Beijing stepped up its scrutiny of Alibaba's practices and encouraged a reorganization of its fintech business, the company's shares dropped to a record low of USD 139.63 on October 4th (three weeks earlier).

The recent reports that Alibaba founder Jack Ma was in Europe has led to a six per cent jump in the company's shares. In the aftermath of regulatory crackdowns on his business empire last year, Ma has kept a low profile and largely remained out of the public eye.

Watch |&nbsp;Alibaba group founder Jack Ma resurfaces in Hong Kong

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/alibaba-group-founder-jack-ma-resurfaces-in-hong-kong-420298/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Since October 5th, the company's stock has made a recovery of around 30 per cent. Despite this, the stock is still more than 40 per cent below its October 2020 peak.&nbsp;

The price of the company's stock hovered around $174 on Monday, as opposed to the $306.87 a year earlier (26 October 2020).

When Alibaba founder, Jack Ma, delivered a blunt criticism of China's financial system last October, few could have predicted the downward spiral that Alibaba Group Holding's has witnessed.

When Alibaba founder, Jack Ma, delivered a blunt criticism of China's financial system last October, few could have predicted the downward spiral that Alibaba Group Holding's has witnessed. According to a Bloomberg report, in just a year, the technology titan, Alibaba has lost around $344 billion in market capitalisation, the largest ever decline in shareholder value globally. Also read | Jack Ma's reported Europe trip boosts Alibaba shares In the aftermath of the now-infamous speech, Beijing suspended the listing of its Ant Group company, which Ma had spun off from Alibaba. In response to Jack Ma's speech last year, Chinese authorities had not only pulled Ant's IPO but also launched an antitrust probe against Alibaba, which ultimately resulted in a $2.75 billion fine for the company. The value of Alibaba's stock fell the most over the past year globally. Also read | Alibaba unveils custom ARM-based server chip for cloud computing data centers As Beijing stepped up its scrutiny of Alibaba's practices and encouraged a reorganization of its fintech business, the company's shares dropped to a record low of USD 139.63 on October 4th (three weeks earlier). The recent reports that Alibaba founder Jack Ma was in Europe has led to a six per cent jump in the company's shares. In the aftermath of regulatory crackdowns on his business empire last year, Ma has kept a low profile and largely remained out of the public eye. Watch | Alibaba group founder Jack Ma resurfaces in Hong Kong Since October 5th, the company's stock has made a recovery of around 30 per cent. Despite this, the stock is still more than 40 per cent below its October 2020 peak. The price of the company's stock hovered around $174 on Monday, as opposed to the $306.87 a year earlier (26 October 2020).

Alibaba shares surged by more than six per cent as reports suggested that billionaire Jack Ma, founder of Alibaba was seen in Europe. This was taken to be an indication that worst of China's regulatory crackdown for the tech-giant may be over.

Jack Ma has been keeping a low profile even since Chinese officials scuttled Ant Group's record-breaking IPO worth USD 37 billion last November. The crackdown from the Chinese state came after Jack Ma's speech last year criticising Chinese regulators.

Ma's presence in Spain -- for a "study tour of the agricultural industry and technology related to the environment" -- was reported by the South China Morning Post, which is owned by Alibaba.

The paper said the 57-year-old, who retired from the role of Alibaba's chairman in 2019, was attending a series of business meetings in Europe.

It said he had also stayed in Hong Kong for "private time" with his family before his trip abroad, citing an anonymous source familiar with Ma's itinerary.

However, Alibaba spokesperson declined to comment as per Reuters.

Also Read | <a href="https://www.wionews.com/world/chinese-business-tycoon-jack-ma-reappears-in-hong-kong-420381">Chinese business tycoon Jack Ma reappears in Hong Kong</a>

But the news sent Alibaba's shares soaring, closing 6.67 percent higher in Hong Kong on Wednesday. So far this month, the firm's share price has surged 23 percent as hopes rise the company is now out of the dog house with authorities in Beijing.

That sentiment has also helped buoy Hong Kong's stock exchange, which has been hammered by China's regulatory crackdown in recent months.

The Hang Seng Index, one of the worst performers this year, is now up 10 percent since closing at a five-year low on October 6.&nbsp;

"It's getting clearer and clearer that the worst of Beijing's crackdowns are behind us, in particular in the technology sector as they were the first to suffer," Jackson Wong, asset management director at Amber Hill Capital, told Bloomberg News.&nbsp;

After Jack Ma's speech last year, Chinese authorities pulled Ant's IPO and followed up with an antitrust probe of Alibaba, eventually fining the company $2.75 billion.

Chinese authorities have also ordered Ant to undergo restructuring as a condition for reviving its IPO.

Ma disappeared towards the end of the last year but briefly resurfaced in January after a video clip showed him giving a speech to rural teachers as part of an event organised by his charity.

His trip to Spain is believed to be the first time he has travelled overseas since regulators went for Alibaba.&nbsp;

(With inputs from agencies)

Alibaba shares surged by more than six per cent as reports suggested that billionaire Jack Ma, founder of Alibaba was seen in Europe. This was taken to be an indication that worst of China's regulatory crackdown for the tech-giant may be over.

Alibaba shares surged by more than six per cent as reports suggested that billionaire Jack Ma, founder of Alibaba was seen in Europe. This was taken to be an indication that worst of China's regulatory crackdown for the tech-giant may be over. Jack Ma has been keeping a low profile even since Chinese officials scuttled Ant Group's record-breaking IPO worth USD 37 billion last November. The crackdown from the Chinese state came after Jack Ma's speech last year criticising Chinese regulators. Ma's presence in Spain -- for a "study tour of the agricultural industry and technology related to the environment" -- was reported by the South China Morning Post, which is owned by Alibaba. The paper said the 57-year-old, who retired from the role of Alibaba's chairman in 2019, was attending a series of business meetings in Europe. It said he had also stayed in Hong Kong for "private time" with his family before his trip abroad, citing an anonymous source familiar with Ma's itinerary. However, Alibaba spokesperson declined to comment as per Reuters. Also Read | Chinese business tycoon Jack Ma reappears in Hong Kong But the news sent Alibaba's shares soaring, closing 6.67 percent higher in Hong Kong on Wednesday. So far this month, the firm's share price has surged 23 percent as hopes rise the company is now out of the dog house with authorities in Beijing. That sentiment has also helped buoy Hong Kong's stock exchange, which has been hammered by China's regulatory crackdown in recent months. The Hang Seng Index, one of the worst performers this year, is now up 10 percent since closing at a five-year low on October 6. "It's getting clearer and clearer that the worst of Beijing's crackdowns are behind us, in particular in the technology sector as they were the first to suffer," Jackson Wong, asset management director at Amber Hill Capital, told Bloomberg News. After Jack Ma's speech last year, Chinese authorities pulled Ant's IPO and followed up with an antitrust probe of Alibaba, eventually fining the company $2.75 billion. Chinese authorities have also ordered Ant to undergo restructuring as a condition for reviving its IPO. Ma disappeared towards the end of the last year but briefly resurfaced in January after a video clip showed him giving a speech to rural teachers as part of an event organised by his charity. His trip to Spain is believed to be the first time he has travelled overseas since regulators went for Alibaba. (With inputs from agencies)

Jack Ma's reported Europe trip boosts Alibaba shares

Alibaba group founder Jack Ma has resurfaces in Hong Kong. According to reports Jack Ma met business associates in recent days. He has been largely out of public view since a clampdown by Chinese authorities on his business empire late last year.

Alibaba group founder Jack Ma resurfaces in Hong Kong

Chinese billionaire and business tycoon Jack Ma has been meeting business associates in Hong Kong, said Reuters quoting sources. Ma has been keeping a low profile and was largely out of public view since regulatory clampdown on his business empire last year.

The crackdown on his business came soon after he delivered a speech last October criticising China's financial regulators. The chain of events resulted in shelving of his Ant Group's mega IPO.

While Ma made a limited number of public appearances in mainland China after that, as speculation swirled about his whereabouts, one of the sources said the visit marked his first trip to the Asian financial hub since last October. Alibaba did not immediately respond to requests for comment outside of its regular business hours. Comments from Ma typically come via the company.

Also Read | <a href="https://www.wionews.com/opinions-blogs/China-xi-jinping-crackdown-evergrande-mao-zedong-mistake-repeat-419919">Opinion | Is China's Xi Jinping repeating Mao's mistake?</a>

Ma, once China's most famous and outspoken entrepreneur, met at least "a few" business associates over meals last week, the sources said.

The former English teacher disappeared from public view for three months before surfacing in January, speaking to a group of teachers by video. That eased concern about his unusual absence from the limelight and sent Alibaba shares surging.

Also Read | <a href="https://www.wionews.com/world/china-plans-to-ban-non-communist-media-outlets-in-a-further-blow-to-free-speech-420272">China plans to ban non-Communist media outlets in a further blow to free speech</a>

Alibaba and its tech rivals have been the target of a wide-ranging regulatory crackdown on issues ranging from monopolistic behaviour to consumer rights. The e-commerce behemoth was fined a record $2.75 billion in April over monopoly violations. Earlier this year, regulators also imposed a sweeping restructuring on Ant, whose botched $37 billion initial public offering in Hong Kong and on Shanghai's Nasdaq-style STAR Market would have been the world's largest.

(With inputs from agencies) 
&nbsp;

Chinese billionaire and business tycoon Jack Ma has been meeting business associates in Hong Kong, said Reuters quoting sources. Ma has been keeping a low profile and was largely out of public view since regulatory clampdown on his business empire last year.

Chinese billionaire and business tycoon Jack Ma has been meeting business associates in Hong Kong, said Reuters quoting sources. Ma has been keeping a low profile and was largely out of public view since regulatory clampdown on his business empire last year. The crackdown on his business came soon after he delivered a speech last October criticising China's financial regulators. The chain of events resulted in shelving of his Ant Group's mega IPO. While Ma made a limited number of public appearances in mainland China after that, as speculation swirled about his whereabouts, one of the sources said the visit marked his first trip to the Asian financial hub since last October. Alibaba did not immediately respond to requests for comment outside of its regular business hours. Comments from Ma typically come via the company. Also Read | Opinion | Is China's Xi Jinping repeating Mao's mistake? Ma, once China's most famous and outspoken entrepreneur, met at least "a few" business associates over meals last week, the sources said. The former English teacher disappeared from public view for three months before surfacing in January, speaking to a group of teachers by video. That eased concern about his unusual absence from the limelight and sent Alibaba shares surging. Also Read | China plans to ban non-Communist media outlets in a further blow to free speech Alibaba and its tech rivals have been the target of a wide-ranging regulatory crackdown on issues ranging from monopolistic behaviour to consumer rights. The e-commerce behemoth was fined a record $2.75 billion in April over monopoly violations. Earlier this year, regulators also imposed a sweeping restructuring on Ant, whose botched $37 billion initial public offering in Hong Kong and on Shanghai's Nasdaq-style STAR Market would have been the world's largest. (With inputs from agencies)

Chinese business tycoon Jack Ma reappears in Hong Kong

Most of us wear blue jeans on a regular basis without giving a second thought. However, years ago, blue jeans was a symbol of freedom.

It penetrated the Soviet Union's iron curtain and in many ways, denim mobilised people in a closed communist country.

Watch |&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-china-takes-on-homegrown-internet-titans-381522/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The story comes into relevance now as another communist nation is facing its blue jeans moment and it is responding with ruthlessness.

In this case, the soviet union is a metaphor for China and the blue jeans are symbolic for big tech giants.

For years, Beijing indulged companies such as Alibaba, Tencent, and Baidu. They were advertised as Chinese success stories and companies that could compete with their western rivals, but now all of a sudden they are public enemy number one.

What changed?

Chinese tech giants became too big for their own good. Their influence over the Chinese middle class expanded and their CEOs became celebrities. They were inviting Hollywood stars to corporate events.

However, in China, there is only one alpha —the communist party.

Beijing wanted to cultivate these tech companies as extended arms of the state. However, when things moved in the opposite direction, they cracked down and the first victim was Alibaba.

Alibaba

Its owner, Jack Ma, made a cardinal sin last year as he criticised Chinese regulators. The response was swift. Beijing blocked the IPO of Jack Ma's Ant group. The company was asked to restructure itself as a financial holding company — meaning China's central bank will now oversee the Ant group.

Then, earlier this month, they imposed a record fine on Alibaba. The company had to pay $2.75 billion. Usually, firms contest such penalties and call them unfair and steep. However, Alibaba did neither. They accepted the fine and moved on.

Tencent

A tech giant valued at $776 billion dollars, reports claim China is preparing a substantial fine for Tencent —almost $1.54 billion dollars (10 billion yuan).

The charges range from not reporting acquisitions to anti-competitive practices.

There is no arithmetic logic to the high value of the fine because as per China, the fine must be high enough to set an example. For Alibaba, it was $2.75 billion and for Tencent,&nbsp;it is $1.54 billion.

What's unfolding in China is a battle for influence. This is a country that is built around a single party. The party decides what you eat, what you wear and how you live. It is used to having unlimited control over people's lives.

However, this changed with the arrival of big tech companies that created an alternative world for the Chinese and introduced people to social media, e-commerce, and internet gaming.

As it turned out, this virtual world was a lot more egalitarian and the Chinese citizens loved it, as opposed to their government.

This issue basically boils down to insecurity. The communist party is insecure about the virtual world as it wants to dominate public life once again and the strategy it has chosen is to villainise tech giants.

China’s plans seem to be working, till now, as earlier this month more than 30 Chinese tech companies made a pledge of allegiance to Beijing. They promised to reform themselves and fall in line.

The tech giants are scared of the party because in China politics and economics are two sides of the same coin and this coin is minted by the communist party.

Bringing back the example of blue jeans, if you go to Russia today, everyone is wearing blue jeans because freedom is intoxicating.

Thanks to tech giants, the Chinese people have seen what a free world looks like. So, Beijing is pushing back and it is the most ironic push back ever. A party that has monopolised politics wants to break up monopolies.

A party that snoops on its citizens wants companies to turn off the tracker and a party that rubbishes international laws wants companies to respect regulations. It is the hypocrisy of the highest order.

Most of us wear blue jeans on a regular basis without giving a second thought. However, years ago, blue jeans was a symbol of freedom. It penetrated the Soviet Union's iron curtain and in many ways, denim mobilised people in a closed communist country.

Most of us wear blue jeans on a regular basis without giving a second thought. However, years ago, blue jeans was a symbol of freedom. It penetrated the Soviet Union's iron curtain and in many ways, denim mobilised people in a closed communist country. Watch | The story comes into relevance now as another communist nation is facing its blue jeans moment and it is responding with ruthlessness. In this case, the soviet union is a metaphor for China and the blue jeans are symbolic for big tech giants. For years, Beijing indulged companies such as Alibaba, Tencent, and Baidu. They were advertised as Chinese success stories and companies that could compete with their western rivals, but now all of a sudden they are public enemy number one. What changed? Chinese tech giants became too big for their own good. Their influence over the Chinese middle class expanded and their CEOs became celebrities. They were inviting Hollywood stars to corporate events. However, in China, there is only one alpha —the communist party. Beijing wanted to cultivate these tech companies as extended arms of the state. However, when things moved in the opposite direction, they cracked down and the first victim was Alibaba. Alibaba Its owner, Jack Ma, made a cardinal sin last year as he criticised Chinese regulators. The response was swift. Beijing blocked the IPO of Jack Ma's Ant group. The company was asked to restructure itself as a financial holding company — meaning China's central bank will now oversee the Ant group. Then, earlier this month, they imposed a record fine on Alibaba. The company had to pay $2.75 billion. Usually, firms contest such penalties and call them unfair and steep. However, Alibaba did neither. They accepted the fine and moved on. Tencent A tech giant valued at $776 billion dollars, reports claim China is preparing a substantial fine for Tencent —almost $1.54 billion dollars (10 billion yuan). The charges range from not reporting acquisitions to anti-competitive practices. There is no arithmetic logic to the high value of the fine because as per China, the fine must be high enough to set an example. For Alibaba, it was $2.75 billion and for Tencent, it is $1.54 billion. What's unfolding in China is a battle for influence. This is a country that is built around a single party. The party decides what you eat, what you wear and how you live. It is used to having unlimited control over people's lives. However, this changed with the arrival of big tech companies that created an alternative world for the Chinese and introduced people to social media, e-commerce, and internet gaming. As it turned out, this virtual world was a lot more egalitarian and the Chinese citizens loved it, as opposed to their government. This issue basically boils down to insecurity. The communist party is insecure about the virtual world as it wants to dominate public life once again and the strategy it has chosen is to villainise tech giants. China’s plans seem to be working, till now, as earlier this month more than 30 Chinese tech companies made a pledge of allegiance to Beijing. They promised to reform themselves and fall in line. The tech giants are scared of the party because in China politics and economics are two sides of the same coin and this coin is minted by the communist party. Bringing back the example of blue jeans, if you go to Russia today, everyone is wearing blue jeans because freedom is intoxicating. Thanks to tech giants, the Chinese people have seen what a free world looks like. So, Beijing is pushing back and it is the most ironic push back ever. A party that has monopolised politics wants to break up monopolies. A party that snoops on its citizens wants companies to turn off the tracker and a party that rubbishes international laws wants companies to respect regulations. It is the hypocrisy of the highest order.

As tech giants introduce people to freedom, China rushes to impose fine

China has imposed a sweeping restructuring on Jack Ma's&nbsp;Ant&nbsp;Group, the fintech conglomerate whose record $37 billion IPO was derailed by regulators in November, underscoring Beijing's determination to rein in its internet giants.

The overhaul, in the works for several months, includes&nbsp;Ant&nbsp;turning itself into a financial holding firm, a move expected to curb its profitability and valuation by curtailing some of its freewheeling businesses.

It comes two days after Ma's Alibaba&nbsp;Group&nbsp;Holding Ltd, of which&nbsp;Ant&nbsp;is an affiliate, was hit with a record $2.75 billion&nbsp;antitrust penalty as China tightens controls on the booming "platform economy".

The overhaul, directed by China's central bank, subjects&nbsp;Ant&nbsp;to tougher regulatory oversight and capital requirements, and requires it to cut links between its hugely popular payments app Alipay and its other businesses - which had been viewed as a big advantage due to Alipay's vast trove of customer data.

"This restructure effectively splits&nbsp;Ant&nbsp;into a few independent businesses to stop Alipay from being a super app capable of controlling the day to day lives of the Chinese people," said Lightstream Research analyst Oshadhi Kumarasiri, who publishes on the Smartkamra platform.

"We believe it will limit&nbsp;Ant's growth prospects and also open up the market for competition."

Ant, based in the eastern city of Hangzhou, was positioned as a tech firm in 2018 when it raised $14 billion at a valuation of about $150 billion in the world’s largest single fundraising. At its planned IPO pricing, that soared to about $315 billion.

Sources told Reuters last month that some global investors valued&nbsp;Ant&nbsp;at over $200 billion based on its 2020 performance, offering a more sober estimate after the shelving of its IPO and expectations for its forced restructuring.

New York-listed shares of e-commerce giant&nbsp;Alibaba were up 8% after Monday's announcement, tracking a similar gain for its Hong Kong shares earlier in the day, with investors cheering the end of uncertainty for Alibaba after the&nbsp;antitrust fine.

'STRICTER THAN EXPECTED'

Ant, which began as Alibaba's payments arm, sits on an enormous cache of consumer data. That is the backbone of China's internet platforms, with companies offering financial products from consumer loans to investment products via smartphones.

Alipay has more than 730 million monthly users in China and handles more transactions a year than Mastercard or Visa.

The People's Bank of China said that under a "comprehensive and feasible restructuring plan,"&nbsp;Ant&nbsp;would cut the "improper" linkage between Alipay, virtual credit card business Jiebei and consumer loan unit Huabei.

The central bank also asked&nbsp;Ant&nbsp;to break its "monopoly on information and strictly comply with the requirements of credit information business regulation."

As part of the restructuring,&nbsp;Ant&nbsp;said it would set up a personal credit reporting company, which will comply with relevant&nbsp;laws and strengthen the protection of personal information, and effectively prevent the abuse of data.

Ant&nbsp;will apply for a licence for the credit reporting company, it said.

"The restructuring plan is stricter than expected," said Dong Ximiao, chief analyst at Zhongguancun Internet Finance Institute, who said&nbsp;Ant&nbsp;would need at least 200 billion yuan ($31 billion) in registered capital to comply with the capital adequacy rule for financial holding companies.

"There's less uncertainty now as the restructuring plan finally lands, but we still need to wait and see how&nbsp;Ant&nbsp;implements all those requirements during the process."

Reuters reported in February that&nbsp;Ant&nbsp;planned to spin off its consumer-credit data operations, as hiving off its treasure trove of data on more than 1 billion people was a key part of its business overhaul in response to the regulatory crackdown.

Ant's revamp comes against a backdrop of uncertainty over Ma's empire that has extended to the billionaire himself, who disappeared from public view for three months before briefly emerging in January.

The restructuring sets "an example" for financial regulation of the platform economy, the state-backed Economic Daily newspaper said in a Monday commentary.

China has imposed a sweeping restructuring on Jack Ma's Ant Group, the fintech conglomerate whose record $37 billion IPO was derailed by regulators in November, underscoring Beijing's determination to rein in its internet giants.

China has imposed a sweeping restructuring on Jack Ma's Ant Group, the fintech conglomerate whose record $37 billion IPO was derailed by regulators in November, underscoring Beijing's determination to rein in its internet giants. The overhaul, in the works for several months, includes Ant turning itself into a financial holding firm, a move expected to curb its profitability and valuation by curtailing some of its freewheeling businesses. It comes two days after Ma's Alibaba Group Holding Ltd, of which Ant is an affiliate, was hit with a record $2.75 billion antitrust penalty as China tightens controls on the booming "platform economy". The overhaul, directed by China's central bank, subjects Ant to tougher regulatory oversight and capital requirements, and requires it to cut links between its hugely popular payments app Alipay and its other businesses - which had been viewed as a big advantage due to Alipay's vast trove of customer data. "This restructure effectively splits Ant into a few independent businesses to stop Alipay from being a super app capable of controlling the day to day lives of the Chinese people," said Lightstream Research analyst Oshadhi Kumarasiri, who publishes on the Smartkamra platform. "We believe it will limit Ant's growth prospects and also open up the market for competition." Ant, based in the eastern city of Hangzhou, was positioned as a tech firm in 2018 when it raised $14 billion at a valuation of about $150 billion in the world’s largest single fundraising. At its planned IPO pricing, that soared to about $315 billion. Sources told Reuters last month that some global investors valued Ant at over $200 billion based on its 2020 performance, offering a more sober estimate after the shelving of its IPO and expectations for its forced restructuring. New York-listed shares of e-commerce giant Alibaba were up 8% after Monday's announcement, tracking a similar gain for its Hong Kong shares earlier in the day, with investors cheering the end of uncertainty for Alibaba after the antitrust fine. 'STRICTER THAN EXPECTED' Ant, which began as Alibaba's payments arm, sits on an enormous cache of consumer data. That is the backbone of China's internet platforms, with companies offering financial products from consumer loans to investment products via smartphones. Alipay has more than 730 million monthly users in China and handles more transactions a year than Mastercard or Visa. The People's Bank of China said that under a "comprehensive and feasible restructuring plan," Ant would cut the "improper" linkage between Alipay, virtual credit card business Jiebei and consumer loan unit Huabei. The central bank also asked Ant to break its "monopoly on information and strictly comply with the requirements of credit information business regulation." As part of the restructuring, Ant said it would set up a personal credit reporting company, which will comply with relevant laws and strengthen the protection of personal information, and effectively prevent the abuse of data. Ant will apply for a licence for the credit reporting company, it said. "The restructuring plan is stricter than expected," said Dong Ximiao, chief analyst at Zhongguancun Internet Finance Institute, who said Ant would need at least 200 billion yuan ($31 billion) in registered capital to comply with the capital adequacy rule for financial holding companies. "There's less uncertainty now as the restructuring plan finally lands, but we still need to wait and see how Ant implements all those requirements during the process." Reuters reported in February that Ant planned to spin off its consumer-credit data operations, as hiving off its treasure trove of data on more than 1 billion people was a key part of its business overhaul in response to the regulatory crackdown. Ant's revamp comes against a backdrop of uncertainty over Ma's empire that has extended to the billionaire himself, who disappeared from public view for three months before briefly emerging in January. The restructuring sets "an example" for financial regulation of the platform economy, the state-backed Economic Daily newspaper said in a Monday commentary.

China expands crackdown on Jack Ma's empire with forced revamp of Ant Group

Chinese technology giant Alibaba said on Monday that it has accepted the penalty and "will ensure its compliance with determination".

Alibaba&nbsp;executive vice-chairman Joe Tsai said&nbsp;that other than a review of the company's mergers and acquisitions, which the company's peers also face, it does not expect further investigation from the antitrust regulator.

"We are pleased we can put this matter behind us," he said.

Also read|&nbsp;<a href="https://www.wionews.com/world/china-fines-alibaba-record-275-billion-for-anti-monopoly-violations-376566">China fines&nbsp;Alibaba&nbsp;record $2.75 billion for anti-monopoly violations</a>

Tsai added the company "doesn't rely on exclusivity" to retain its merchants, adding such exclusivity arrangements in the past only covered a small number of Tmall flagship stores.

Alibaba&nbsp;and its peers remain under review for mergers and acquisitions from the market regulator, Tsai told the briefing, adding he was not aware of any other anti-monopoly-related investigations.

The fine is more than double the $975 million paid in China by Qualcomm, the world's biggest supplier of mobile phone chips, in 2015 for anticompetitive practices.

China's&nbsp;Alibaba&nbsp;does not expect any material impact from changes to its exclusivity arrangements with merchants, CEO Daniel Zhang said on Monday, after regulators fined the e-commerce giant a record $2.75 billion for abusing its market dominance.

Shares in&nbsp;Alibaba&nbsp;Group Holdings Ltd rose as much as 9% in Hong Kong trade as a key source of uncertainty for the company was removed, and on relief the fine and steps ordered were not more onerous.

Alibaba&nbsp;has come under intense scrutiny since billionaire founder Jack Ma's public criticism of the Chinese regulatory system in October.

The company will introduce measures to lower entry barriers and business costs faced by merchants on its platforms, Zhang told an online conference for media and analysts.

Alibaba&nbsp;executives said despite Saturday's record 18 billion yuan ($2.75 billion) fine and measures ordered by regulators, they remain confident in the government's overall support of the company.

"They are affirming our business model," said&nbsp;Alibaba&nbsp;executive vice chairman Joe Tsai. "We feel comfortable that there's nothing wrong with our fundamental business model as a platform company."

Shares bounce

Markets reacted positively, with shares jumping by the most since July last year.

"Now the penalty is determined, the market's uncertainty about&nbsp;Alibaba&nbsp;will be reduced," Everbright Sun Hung Kai analyst Kenny Ng said. "Alibaba's stock price has lagged behind the overall emerging economy stocks for some time in the past. The implementation of this penalty is expected to allow&nbsp;Alibaba's stock price to regain market attention."

Aside from imposing the fine, among the highest ever antitrust penalties globally, the State Administration for Market Regulation (SAMR) ordered&nbsp;Alibaba&nbsp;to make "thorough rectifications" to strengthen internal compliance and protect consumer rights.

"The required corrective measures will likely limit&nbsp;Alibaba's revenue growth as a further expansion in market share will be constrained," said Lina Choi, Senior Vice President at Moody’s Investors Service. "Investments to retain merchants and upgrade products and services will also reduce its profit margins."

SAMR said it had determined&nbsp;Alibaba, which is also listed in New York, had prevented its merchants from using other online e-commerce platforms since 2015.

The practice, which the SAMR has previously spelt out as illegal, violates China's antimonopoly law by hindering the free circulation of goods and infringing on the business interests of merchants, the regulator said.

The probe comes as China bolsters SAMR with extra staff and a wider jurisdiction amid a crackdown on technology conglomerates, signalling a new era after years of laissez-faire approach.

The agency has taken aim recently at China's large tech giants in particular, mirroring increased scrutiny of the sector in the United States and Europe.

Chinese technology giant Alibaba said on Monday that it has accepted the penalty and "will ensure its compliance with determination". Alibaba executive vice-chairman Joe Tsai said that other than a review of the company's mergers and acquisitions, which the company's peers also face, it does not expect further investigation from the antitrust regulator.

Chinese technology giant Alibaba said on Monday that it has accepted the penalty and "will ensure its compliance with determination". Alibaba executive vice-chairman Joe Tsai said that other than a review of the company's mergers and acquisitions, which the company's peers also face, it does not expect further investigation from the antitrust regulator. "We are pleased we can put this matter behind us," he said. Also read| China fines Alibaba record $2.75 billion for anti-monopoly violations Tsai added the company "doesn't rely on exclusivity" to retain its merchants, adding such exclusivity arrangements in the past only covered a small number of Tmall flagship stores. Alibaba and its peers remain under review for mergers and acquisitions from the market regulator, Tsai told the briefing, adding he was not aware of any other anti-monopoly-related investigations. The fine is more than double the $975 million paid in China by Qualcomm, the world's biggest supplier of mobile phone chips, in 2015 for anticompetitive practices. China's Alibaba does not expect any material impact from changes to its exclusivity arrangements with merchants, CEO Daniel Zhang said on Monday, after regulators fined the e-commerce giant a record $2.75 billion for abusing its market dominance. Shares in Alibaba Group Holdings Ltd rose as much as 9% in Hong Kong trade as a key source of uncertainty for the company was removed, and on relief the fine and steps ordered were not more onerous. Alibaba has come under intense scrutiny since billionaire founder Jack Ma's public criticism of the Chinese regulatory system in October. The company will introduce measures to lower entry barriers and business costs faced by merchants on its platforms, Zhang told an online conference for media and analysts. Alibaba executives said despite Saturday's record 18 billion yuan ($2.75 billion) fine and measures ordered by regulators, they remain confident in the government's overall support of the company. "They are affirming our business model," said Alibaba executive vice chairman Joe Tsai. "We feel comfortable that there's nothing wrong with our fundamental business model as a platform company." Shares bounce Markets reacted positively, with shares jumping by the most since July last year. "Now the penalty is determined, the market's uncertainty about Alibaba will be reduced," Everbright Sun Hung Kai analyst Kenny Ng said. "Alibaba's stock price has lagged behind the overall emerging economy stocks for some time in the past. The implementation of this penalty is expected to allow Alibaba's stock price to regain market attention." Aside from imposing the fine, among the highest ever antitrust penalties globally, the State Administration for Market Regulation (SAMR) ordered Alibaba to make "thorough rectifications" to strengthen internal compliance and protect consumer rights. "The required corrective measures will likely limit Alibaba's revenue growth as a further expansion in market share will be constrained," said Lina Choi, Senior Vice President at Moody’s Investors Service. "Investments to retain merchants and upgrade products and services will also reduce its profit margins." SAMR said it had determined Alibaba, which is also listed in New York, had prevented its merchants from using other online e-commerce platforms since 2015. The practice, which the SAMR has previously spelt out as illegal, violates China's antimonopoly law by hindering the free circulation of goods and infringing on the business interests of merchants, the regulator said. The probe comes as China bolsters SAMR with extra staff and a wider jurisdiction amid a crackdown on technology conglomerates, signalling a new era after years of laissez-faire approach. The agency has taken aim recently at China's large tech giants in particular, mirroring increased scrutiny of the sector in the United States and Europe.

Chinese tech giant Alibaba accepts record China fine, vows to change

Prime Minister Narendra Modi formally inaugurated the Integrated Check Post of the <a href="https://www.wionews.com/india-news/pm-modi-thanks-imran-khan-niazi-for-respecting-sentiments-of-india-260939">Kartarpur Corridor</a> on Saturday.

Modi was accompanied by Punjab Chief Minister Captain Amarinder Singh, Union Ministers Hardeep Singh Puri and Harsimrat Kaur Badal and actor and Gurdaspur lawmaker Sunny Deol at the inauguration.

The Integrated Check Post or the passenger terminal building is where pilgrims will get clearance to travel through the newly-built corridor.

The check post will facilitate Indian pilgrims to visit Gurudwara Kartapur Sahib in Pakistan.

The opening of the corridor, which connects Dera Baba Nanak shrine in Gurdaspur district of Punjab to Gurdwara Kartarpur Sahib in Pakistan, comes days before the 550th birth anniversary of the founder of Sikhism, Guru Nanak Dev, on November 12.

Before heading for Dera Baba Nanak, the Prime Minister paid obeisance at historic Ber Sahib Gurdwara at Sultanpur Lodhi.

At the gurdwara, PM Modi was received by former Shiromani Gurdwara Prabandhak Committee chief Jagir Kaur, who is in-charge of celebrations of the 550th birth anniversary of Sikhism`s founder Guru Nanak Dev. The Prime Minister was presented a `siropa` (robe of honour) by Kaur on behalf of the SGPC.&nbsp;

 
&nbsp;

Prime Minister Narendra Modi formally inaugurated the Integrated Check Post of the Kartarpur Corridor on Saturday. Modi was accompanied by Punjab Chief Minister Captain Amarinder Singh, Union Ministers Hardeep Singh Puri and Harsimrat Kaur Badal and actor and Gurdaspur lawmaker Sunny Deol at the inauguration.

Prime Minister Narendra Modi formally inaugurated the Integrated Check Post of the Kartarpur Corridor on Saturday. Modi was accompanied by Punjab Chief Minister Captain Amarinder Singh, Union Ministers Hardeep Singh Puri and Harsimrat Kaur Badal and actor and Gurdaspur lawmaker Sunny Deol at the inauguration. The Integrated Check Post or the passenger terminal building is where pilgrims will get clearance to travel through the newly-built corridor. The check post will facilitate Indian pilgrims to visit Gurudwara Kartapur Sahib in Pakistan. The opening of the corridor, which connects Dera Baba Nanak shrine in Gurdaspur district of Punjab to Gurdwara Kartarpur Sahib in Pakistan, comes days before the 550th birth anniversary of the founder of Sikhism, Guru Nanak Dev, on November 12. Before heading for Dera Baba Nanak, the Prime Minister paid obeisance at historic Ber Sahib Gurdwara at Sultanpur Lodhi. At the gurdwara, PM Modi was received by former Shiromani Gurdwara Prabandhak Committee chief Jagir Kaur, who is in-charge of celebrations of the 550th birth anniversary of Sikhism`s founder Guru Nanak Dev. The Prime Minister was presented a `siropa` (robe of honour) by Kaur on behalf of the SGPC.

E-commerce firm Pinduoduo's founder Colin Huang departs

According to China's state-run news agency Xinhua, regulators are planning to draft new rules&nbsp;for the country's<a href="https://www.wionews.com/world/china-eyes-record-monopoly-fine-near-1-billion-for-alibaba-report-370023"> e-commerce</a> platforms.

Xinhua, quoting market regulators, said that the regulators will “adopt more powerful regulatory measures this year with a series of actions” to "standardise online deals, maintain fair competition and protect consumer rights".

Watch:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/us-pursuing-allies-for-anti-china-pushback-369558/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The move comes as authorities reportedly took down nearly 234,000 examples of improper online sales information between October and December last year.

Chinese authorities recently cracked down on <a href="https://www.wionews.com/world/china-eyes-record-monopoly-fine-near-1-billion-for-alibaba-report-370023">Alibaba</a> even as its legendry founder<a href="https://www.wionews.com/world/alibabas-jack-ma-no-longer-richest-in-china-after-tiff-with-regulators-over-anti-trust-issues-367374"> Jack Ma</a> had disappeared from public view for a few months until mid-January.&nbsp;

According to state broadcaster CCTV, President Xi Jinping chaired a meeting of the Communist party’s top financial and coordination committee, ordering regulators to step up oversight of internet companies.

The financial regulators had earlier disallowed the $35 billion Hong Kong-Shanghai IPO of Alibaba's online payment subsidiary Ant Group. The Chinese officials had launched an investigation into Alibaba's business practices which it deemed as anti-competitive.

The Chinese market regulator reportedly denied they were planning to fine the company almost $1 billion for anti-competitive behaviour.

The country's regulators fined 12&nbsp;tech firms including Tencent, Baidu and ByteDance for allegedly flouting<a href="https://www.wionews.com/world/china-market-regulator-fines-12-firms-for-violating-anti-monopoly-law-369913"> monopoly</a> rules.

Tencent was fined $77,000 for its 2018 investment in online education app Yuanfudao without reportedly seeking prior government approval.

Chinese premier Li Keqiang had said that the government would "strengthen anti-monopoly laws" and "prevent the disorderly expansion of capital".

The country had earlier announced plans to boost supervision of its lucrative fintech sector. &nbsp;Keqiang had asserted that there was a need to "manage financial risks and ensure that no systemic risks arise".

According to China's state-run news agency Xinhua, regulators are planning to draft new rules for the country's e-commerce platforms. Xinhua, quoting market regulators, said that the regulators will “adopt more powerful regulatory measures this year with a series of actions” to "standardise online deals, maintain fair competition and protect consumer rights".

According to China's state-run news agency Xinhua, regulators are planning to draft new rules for the country's e-commerce platforms. Xinhua, quoting market regulators, said that the regulators will “adopt more powerful regulatory measures this year with a series of actions” to "standardise online deals, maintain fair competition and protect consumer rights". Watch: The move comes as authorities reportedly took down nearly 234,000 examples of improper online sales information between October and December last year. Chinese authorities recently cracked down on Alibaba even as its legendry founder Jack Ma had disappeared from public view for a few months until mid-January. According to state broadcaster CCTV, President Xi Jinping chaired a meeting of the Communist party’s top financial and coordination committee, ordering regulators to step up oversight of internet companies. The financial regulators had earlier disallowed the $35 billion Hong Kong-Shanghai IPO of Alibaba's online payment subsidiary Ant Group. The Chinese officials had launched an investigation into Alibaba's business practices which it deemed as anti-competitive. The Chinese market regulator reportedly denied they were planning to fine the company almost $1 billion for anti-competitive behaviour. The country's regulators fined 12 tech firms including Tencent, Baidu and ByteDance for allegedly flouting monopoly rules. Tencent was fined $77,000 for its 2018 investment in online education app Yuanfudao without reportedly seeking prior government approval. Chinese premier Li Keqiang had said that the government would "strengthen anti-monopoly laws" and "prevent the disorderly expansion of capital". The country had earlier announced plans to boost supervision of its lucrative fintech sector. Keqiang had asserted that there was a need to "manage financial risks and ensure that no systemic risks arise".

China planning to draft regulation for e-commerce platforms: Report

China is considering imposing a record fine of nearly $1 billion on e-commerce giant Alibaba for allegedly flouting monopoly rules, according to a report, as authorities continue to put the screws on the firm as part of a crackdown on the technology sector.

The penalty could top the $975 million paid by US chipmaker Qualcomm in 2015 — the biggest known for anticompetitive practices in China -- the Wall Street Journal report said, citing unnamed "people with knowledge of the matter".

Antitrust regulators in charge of Alibaba's case did not immediately respond to AFP queries on the report, which was published by the Journal late Thursday.

The company, China's largest online shopping portal, has been in the crosshairs of authorities in recent months over concerns of its reach into the daily finances of ordinary Chinese people.

But its legal troubles began after comments in October last year by billionaire founder Jack Ma in which he laid into China's convoluted regulatory system.

In November, financial regulators pulled the plug on the record $35 billion Hong Kong-Shanghai initial public offering of Alibaba's online payment subsidiary Ant Group.

A month later, officials opened an investigation into Alibaba's business practices, deemed anti-competitive, and Ma disappeared from public view until mid-January.

The company based in the eastern city of Hangzhou said it was "fully cooperating" with the investigation by the State Administration for Market Regulation last month.

Regulators are also investigating whether the conglomerate should divest assets unrelated to its main online retail business, the Journal reported without offering details.

An Alibaba spokesperson declined to comment on the report when contacted by AFP.

The company has come under fire in the past for allegedly forbidding its merchants from listing on rival e-commerce platforms.

Once finalised, measures against Alibaba will need to be approved by China's top leadership.

The squeeze on one of China's most influential companies is the latest sign that the leadership is ready to deflate the ambitions of big tech firms in a runaway internet sector.

China is considering imposing a record fine of nearly $1 billion on e-commerce giant Alibaba for allegedly flouting monopoly rules, according to a report, as authorities continue to put the screws on the firm as part of a crackdown on the technology sector.

China is considering imposing a record fine of nearly $1 billion on e-commerce giant Alibaba for allegedly flouting monopoly rules, according to a report, as authorities continue to put the screws on the firm as part of a crackdown on the technology sector. The penalty could top the $975 million paid by US chipmaker Qualcomm in 2015 — the biggest known for anticompetitive practices in China -- the Wall Street Journal report said, citing unnamed "people with knowledge of the matter". Antitrust regulators in charge of Alibaba's case did not immediately respond to AFP queries on the report, which was published by the Journal late Thursday. The company, China's largest online shopping portal, has been in the crosshairs of authorities in recent months over concerns of its reach into the daily finances of ordinary Chinese people. But its legal troubles began after comments in October last year by billionaire founder Jack Ma in which he laid into China's convoluted regulatory system. In November, financial regulators pulled the plug on the record $35 billion Hong Kong-Shanghai initial public offering of Alibaba's online payment subsidiary Ant Group. A month later, officials opened an investigation into Alibaba's business practices, deemed anti-competitive, and Ma disappeared from public view until mid-January. The company based in the eastern city of Hangzhou said it was "fully cooperating" with the investigation by the State Administration for Market Regulation last month. Regulators are also investigating whether the conglomerate should divest assets unrelated to its main online retail business, the Journal reported without offering details. An Alibaba spokesperson declined to comment on the report when contacted by AFP. The company has come under fire in the past for allegedly forbidding its merchants from listing on rival e-commerce platforms. Once finalised, measures against Alibaba will need to be approved by China's top leadership. The squeeze on one of China's most influential companies is the latest sign that the leadership is ready to deflate the ambitions of big tech firms in a runaway internet sector.

China eyes record monopoly fine near $1 billion for Alibaba: Report

Alibaba founder <a href="https://www.wionews.com/world/what-led-to-china-blocking-jack-mas-record-ipo-364631">Jack Ma</a> has been toppled from the title of China's richest man amid scrutiny by Chinese regulators.

Watch:

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According to Shanghai-based Hurun Global Rich List, the Ant Group founder has tumbled to fourth place behind Nongfu Spring's Zhong Shanshan, Tencent Holding's Pony Ma and Pinduoduo's Collin Huang.

Shanshan entered the list for the first time with an $85 billion fortune. Zhong had reportedly made his money on the $1.1 billion initial public offering (IPO) in Hong Kong last year.

The Hurun report said Ma's ranking fell after "China's regulators reined in Ant Group and Alibaba on anti-trust issues". &nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-jack-ma-is-no-longer-chinas-richest-man-367525/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<a href="https://www.wionews.com/world/chinese-state-media-omits-jack-mas-name-from-list-of-entrepreneurial-leaders-360782">Jack Ma</a> was ranked the richest Chinese on the list last year with his family’s wealth of $45 billion with Pony Ma ranked second with a personal wealth of $44 billion.

More than 200 billionaires were created in China last year, according to the Hurun Global Rich List with the Communist country adding 490 new billionaires in the past five years compared with the 160 added in the US.

The report said Tesla's Elon Musk, Amazon's Jeff Bezos and China's e-commerce giant Colin Huang added over $50 billion in a single year.

The report claimed six of the world's top-10 cities with the highest concentration of billionaires are now in China with Beijing being the top city for the sixth consecutive year.

Alibaba founder Jack Ma has been toppled from the title of China's richest man amid scrutiny by Chinese regulators. Watch: According to Shanghai-based Hurun Global Rich List, the Ant Group founder has tumbled to fourth place behind Nongfu Spring's Zhong Shanshan, Tencent Holding's Pony Ma and Pinduoduo's Collin Huang.

Alibaba founder Jack Ma has been toppled from the title of China's richest man amid scrutiny by Chinese regulators. Watch: According to Shanghai-based Hurun Global Rich List, the Ant Group founder has tumbled to fourth place behind Nongfu Spring's Zhong Shanshan, Tencent Holding's Pony Ma and Pinduoduo's Collin Huang. Shanshan entered the list for the first time with an $85 billion fortune. Zhong had reportedly made his money on the $1.1 billion initial public offering (IPO) in Hong Kong last year. The Hurun report said Ma's ranking fell after "China's regulators reined in Ant Group and Alibaba on anti-trust issues". Jack Ma was ranked the richest Chinese on the list last year with his family’s wealth of $45 billion with Pony Ma ranked second with a personal wealth of $44 billion. More than 200 billionaires were created in China last year, according to the Hurun Global Rich List with the Communist country adding 490 new billionaires in the past five years compared with the 160 added in the US. The report said Tesla's Elon Musk, Amazon's Jeff Bezos and China's e-commerce giant Colin Huang added over $50 billion in a single year. The report claimed six of the world's top-10 cities with the highest concentration of billionaires are now in China with Beijing being the top city for the sixth consecutive year.

Alibaba's Jack Ma no longer richest in China after tiff with regulators over anti-trust issues

Jack Ma is no longer China's richest man. After his Ant Group IPO was blocked, the Chinese entrepreneur has slipped to fourth place.

Gravitas: Jack Ma is no longer China's richest man

China President Xi Jinping pushed for blocking what would have been a record-breaking initial public offering (IPO) for billionaire Jack Ma’s Ant Group in 2020. It happened because of Communist Party-linked “political families” that stood to gain billions of dollars through opaque investment vehicles, according to a new report.

According to a report published in the Wall Street Journal, investment companies linked to the grandson of former President Jiang Zemin and the son-in-law of former Politburo Standing Committee member Jia Qinglin stood to profit from the IPO with their ownership in the Ant Group.

Ant Group is the financial payments arm of Ma’s Alibaba empire.

A lot has been written about what went wrong. There are many possibilities.&nbsp;

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The WSJ report described them as "a coterie of well-connected Chinese power players, including some with links to political families that represent a potential challenge to President Xi and his inner circle.”

Among the families is Boyu Capital, a private-equity firm founded by Jiang’s grandson, Jiang Zhicheng.&nbsp;

Another is Li Botan, who controls the Beijing Zhaode Group, that has invested in Ant through three layers of investment vehicles, the report said.

Li is the son-in-law of Jia Qinglin, a senior leader who served on the top Politburo Standing Committee for ten years until 2012 and is close to Jiang.

The investment vehicles tied to party-linked families, according to the Wall Street Journal, added to other concerns the leadership had about the Ant Group IPO.&nbsp;

The last-minute suspension in early November of the $35 billion IPO of the Ant Group, which is Alibaba’s financial arm and behind Alipay, China’s biggest digital payments company, triggered intense speculation about the fate of Ma, but subsequent reports have said he is working with regulators to address their concerns.

Reports earlier this month said regulators and the group were close to agreeing a restructuring plan, which would put all of Ant’s businesses into a financial holding company and subject it to requirements that apply to banks.

China President Xi Jinping pushed for blocking what would have been a record-breaking initial public offering (IPO) for billionaire Jack Ma’s Ant Group in 2020. It happened because of Communist Party-linked “political families” that stood to gain billions of dollars through opaque investment vehicles, according to a new report.

China President Xi Jinping pushed for blocking what would have been a record-breaking initial public offering (IPO) for billionaire Jack Ma’s Ant Group in 2020. It happened because of Communist Party-linked “political families” that stood to gain billions of dollars through opaque investment vehicles, according to a new report. According to a report published in the Wall Street Journal, investment companies linked to the grandson of former President Jiang Zemin and the son-in-law of former Politburo Standing Committee member Jia Qinglin stood to profit from the IPO with their ownership in the Ant Group. Ant Group is the financial payments arm of Ma’s Alibaba empire. A lot has been written about what went wrong. There are many possibilities. × The WSJ report described them as "a coterie of well-connected Chinese power players, including some with links to political families that represent a potential challenge to President Xi and his inner circle.” Among the families is Boyu Capital, a private-equity firm founded by Jiang’s grandson, Jiang Zhicheng. Another is Li Botan, who controls the Beijing Zhaode Group, that has invested in Ant through three layers of investment vehicles, the report said. Li is the son-in-law of Jia Qinglin, a senior leader who served on the top Politburo Standing Committee for ten years until 2012 and is close to Jiang. The investment vehicles tied to party-linked families, according to the Wall Street Journal, added to other concerns the leadership had about the Ant Group IPO. The last-minute suspension in early November of the $35 billion IPO of the Ant Group, which is Alibaba’s financial arm and behind Alipay, China’s biggest digital payments company, triggered intense speculation about the fate of Ma, but subsequent reports have said he is working with regulators to address their concerns. Reports earlier this month said regulators and the group were close to agreeing a restructuring plan, which would put all of Ant’s businesses into a financial holding company and subject it to requirements that apply to banks.

What led to China blocking Jack Ma’s record IPO?

A report has revealed that Jack Ma's Ant Group IPO was blocked after it emerged that 'well connected Chinese Power players' could earn billions from it. This allegedly includes political families that represent a potential challenge to Xi Jinping. WION's Palki Sharma has more.

Gravitas: What killed Jack Ma's IPO? Political threats

Alibaba Group founder Jack Ma has been left off a list of Chinese entrepreneurial leaders published by state media,&nbsp;the snub underscoring how just far he has run afoul of Beijing.

Shanghai Securities News said, "A generation of Chinese entrepreneurs emerged from the rigid structures of our old economic system with the desire to escape poverty and passion to achieve business ambitions."

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China's best-known businessman was not mentioned in a front-page article published by a newspaper backed state-run&nbsp;Xinhua News Agency. Instead, Huawei Technologies' Ren Zhengfei, Xiaomi Corp's Lei Jun and BYD's Wang Chuanfu were lauded for their contributions.

The editorial, published on the same day&nbsp;when Alibaba will also report its latest quarterly earnings may help assuage fears that Tencent may get caught up in a broader industry crackdown which is now focused on Ma's Alibaba and the Ant Group Co.

The catalyst for Ma's current woes was an Oct. 24 speech in which he blasted China's regulatory system, leading to the suspension of his Ant Group's $37 billion IPO just days before the fintech giant's listing.

Regulators have since launched an anti-trust probe into the tech sector with Alibaba taking much of the heat, while tighter regulations for Ant Group are also being considered.

Ma, who is not known for shying away from the limelight, subsequently disappeared from the public eye for about three months, triggering frenzied speculation about his whereabouts. He re-emerged last month with a 50-second video appearance.

The Shanghai Securities News said that while some of the entrepreneurs it praised had once behaved like "reckless heroes" in their efforts to break away from an old, rigid economic system, they now led "a group of companies that respected the rules of development and abided by market rules."

Alibaba Group founder Jack Ma has been left off a list of Chinese entrepreneurial leaders published by state media, the snub underscoring how just far he has run afoul of Beijing.

Alibaba Group founder Jack Ma has been left off a list of Chinese entrepreneurial leaders published by state media, the snub underscoring how just far he has run afoul of Beijing. Shanghai Securities News said, "A generation of Chinese entrepreneurs emerged from the rigid structures of our old economic system with the desire to escape poverty and passion to achieve business ambitions." China's best-known businessman was not mentioned in a front-page article published by a newspaper backed state-run Xinhua News Agency. Instead, Huawei Technologies' Ren Zhengfei, Xiaomi Corp's Lei Jun and BYD's Wang Chuanfu were lauded for their contributions. The editorial, published on the same day when Alibaba will also report its latest quarterly earnings may help assuage fears that Tencent may get caught up in a broader industry crackdown which is now focused on Ma's Alibaba and the Ant Group Co. The catalyst for Ma's current woes was an Oct. 24 speech in which he blasted China's regulatory system, leading to the suspension of his Ant Group's $37 billion IPO just days before the fintech giant's listing. Regulators have since launched an anti-trust probe into the tech sector with Alibaba taking much of the heat, while tighter regulations for Ant Group are also being considered. Ma, who is not known for shying away from the limelight, subsequently disappeared from the public eye for about three months, triggering frenzied speculation about his whereabouts. He re-emerged last month with a 50-second video appearance. The Shanghai Securities News said that while some of the entrepreneurs it praised had once behaved like "reckless heroes" in their efforts to break away from an old, rigid economic system, they now led "a group of companies that respected the rules of development and abided by market rules."

Chinese state media omits Jack Ma's name from list of entrepreneurial leaders

Alibaba's founder Jack Ma has reappeared nearly 3 months after he went missing from the public eye. Where was Ma? Does his reappearance necessarily mean good news for Alibaba? Palki Sharma Upadhyay has the details.

Gravitas: Jack Ma reappears

Jack Ma, the founder of Alibaba Group, has finally reappeared nearly three months after he went missing from the public eye.&nbsp;

He was recorded speaking to teachers from rural China and told them, "we will meet again after the epidemic is over".&nbsp;

Someone posted this 50-second video on Twitter and it went viral instantly.

Also read | <a href="https://www.wionews.com/world/alibabas-jack-ma-makes-first-public-appearance-after-months-via-video-link-357945">Alibaba's Jack Ma makes first public appearance after months via video link</a>

Many people questioned its authenticity and some expressed doubts over its date.

But most people chose celebration over speculation and among them was the Hong Kong stock market.&nbsp;

Alibaba's shares were up 8.5 per cent and the company's valuation rose by $58 billion.&nbsp;

His reappearance is being viewed as a big relief for Alibaba and its investors.

<h2>Are the Alibaba founder and Alibaba safe now?</h2>

The answer lies in history and politics.

The Alibaba founder's previous appearance was at the second Bund Summit in Shanghai on October 24, 2020.

It was on this day that Jack criticised China's regulatory system and state-run banks.

He called them out for behaving like "pawn shops", prompting Chinese authorities to go after him and his empire.

Alibaba's affiliate, the Ant Group was forced to suspend its $37 billion IPO plan.

China had also launched an anti-trust investigation against Alibaba and the company was probed for suspected monopoly practices.

Alibaba's reputation was hit and it lost $140 billion.

Jack net worth too began fluctuating and following this incident, he did not appear in a TV show he was supposed to judge.&nbsp;

He also missed other scheduled appearances, which led to speculation that Chinese authorities had gone after him.&nbsp;

It was also seen that the rise of Jack had put him at odds with Chinese President Xi Jinping.

<h2>China's poster boy</h2>

Jack is the poster boy of China and at home, he is being called 'Daddy Ma'.&nbsp;

Some Chinese youth call him 'Teacher Ma' and he is seen as the 'godfather of entrepreneurship'.

His status is nothing less than a legend in China.

Jack sings, dances, acts, paints, fights and his cult had begun threatening Xi's party-state, a system where only one person can be celebrated.

And the dictator is not happy with him and one headline tells this story: 'There is no Jack Ma era, but a Jack Ma in the era'.&nbsp;

China is also running an anti-Jack Ma campaign online with reports claiming he is being portrayed as a wolf in sheep's attire and his venture, the ant group being painted as a loan shark.

Chinese consumers are concerned and some investors say they have no clarity as to what is going on in Alibaba.

Jack may not have been jailed like real estate tycoon Ren Zhiqiang or billionaire entrepreneur Sun Dawu, but his company Alibaba is not out of danger.

<h2>Hints</h2>

Jack's recent video hints at the entrepreneur buckling under Chinese pressure.&nbsp;

Take a look at what he told the teachers.

"During this period of time, my colleagues and I have been learning and thinking, and we have become more determined to devote ourselves to education and public welfare. This is not only because I am a teacher myself, but more importantly, education, especially rural education, is of great importance. Today, our country has achieved complete poverty alleviation, comprehensively promoted the rural revitalization strategy, entered a new stage of development, and is moving towards common prosperity."

These comments were published in a Chinese outlet and if they are authentic, then Jack's tone has evidently taken a 180-degree turn since his Shanghai speech.

Analysts say the Chinese govt may takeover Alibaba.

Reports suggest there are four possibilities employees in Alibaba are preparing for: nationalisation, splitting of the business, more restrictions and fines.

Does any of this sound like the end of trouble for Alibaba?

You know the answer.

Jack Ma, the founder of Alibaba Group, has finally reappeared nearly three months after he went missing from the public eye. He was recorded speaking to teachers from rural China and told them, "we will meet again after the epidemic is over".

Jack Ma, the founder of Alibaba Group, has finally reappeared nearly three months after he went missing from the public eye. He was recorded speaking to teachers from rural China and told them, "we will meet again after the epidemic is over". Someone posted this 50-second video on Twitter and it went viral instantly. Also read | Alibaba's Jack Ma makes first public appearance after months via video link Many people questioned its authenticity and some expressed doubts over its date. But most people chose celebration over speculation and among them was the Hong Kong stock market. Alibaba's shares were up 8.5 per cent and the company's valuation rose by $58 billion. His reappearance is being viewed as a big relief for Alibaba and its investors. Are the Alibaba founder and Alibaba safe now? The answer lies in history and politics. The Alibaba founder's previous appearance was at the second Bund Summit in Shanghai on October 24, 2020. It was on this day that Jack criticised China's regulatory system and state-run banks. He called them out for behaving like "pawn shops", prompting Chinese authorities to go after him and his empire. Alibaba's affiliate, the Ant Group was forced to suspend its $37 billion IPO plan. China had also launched an anti-trust investigation against Alibaba and the company was probed for suspected monopoly practices. Alibaba's reputation was hit and it lost $140 billion. Jack net worth too began fluctuating and following this incident, he did not appear in a TV show he was supposed to judge. He also missed other scheduled appearances, which led to speculation that Chinese authorities had gone after him. It was also seen that the rise of Jack had put him at odds with Chinese President Xi Jinping. China's poster boy Jack is the poster boy of China and at home, he is being called 'Daddy Ma'. Some Chinese youth call him 'Teacher Ma' and he is seen as the 'godfather of entrepreneurship'. His status is nothing less than a legend in China. Jack sings, dances, acts, paints, fights and his cult had begun threatening Xi's party-state, a system where only one person can be celebrated. And the dictator is not happy with him and one headline tells this story: 'There is no Jack Ma era, but a Jack Ma in the era'. China is also running an anti-Jack Ma campaign online with reports claiming he is being portrayed as a wolf in sheep's attire and his venture, the ant group being painted as a loan shark. Chinese consumers are concerned and some investors say they have no clarity as to what is going on in Alibaba. Jack may not have been jailed like real estate tycoon Ren Zhiqiang or billionaire entrepreneur Sun Dawu, but his company Alibaba is not out of danger. Hints Jack's recent video hints at the entrepreneur buckling under Chinese pressure. Take a look at what he told the teachers. "During this period of time, my colleagues and I have been learning and thinking, and we have become more determined to devote ourselves to education and public welfare. This is not only because I am a teacher myself, but more importantly, education, especially rural education, is of great importance. Today, our country has achieved complete poverty alleviation, comprehensively promoted the rural revitalization strategy, entered a new stage of development, and is moving towards common prosperity." These comments were published in a Chinese outlet and if they are authentic, then Jack's tone has evidently taken a 180-degree turn since his Shanghai speech. Analysts say the Chinese govt may takeover Alibaba. Reports suggest there are four possibilities employees in Alibaba are preparing for: nationalisation, splitting of the business, more restrictions and fines. Does any of this sound like the end of trouble for Alibaba? You know the answer.

As Jack Ma reappears, is there status quo in China?

Alibaba founder <a href="https://www.wionews.com/world/under-pressure-from-china-jack-mas-alibaba-group-to-shut-down-its-music-streaming-app-354834">Jack Ma</a> made his first public appearance after disappearing from public view a few months ago after criticising Chinese banking rules in a speech in Shanghai on October 24.

Watch:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-why-is-china-after-jack-ma-354476/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

China's state-run Global Times tweeted a video informing that Jack Ma showed up at a rural teacher-themed social welfare event via video link on Wednesday. The ceremony is an annual event launched by the <a href="https://www.wionews.com/world/jack-mas-disappearance-may-hit-indian-firms-in-long-run-354568">Jack Ma </a>Foundation in 2015, Global Times informed.

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Jack Ma Yun, the English teacher turned entrepreneur and former executive chairman of <a href="https://twitter.com/hashtag/Alibaba?src=hash&amp;ref_src=twsrc%5Etfw">#Alibaba</a>, showed up at a rural teacher-themed social welfare event via video link on Wed, his first public appearance since Alibaba came under tougher regulatory scrutiny.<a href="https://t.co/VXywPHEeyv">https://t.co/VXywPHEeyv</a> <a href="https://t.co/DKCXhASIhu">pic.twitter.com/DKCXhASIhu</a>
— Global Times (@globaltimesnews) <a href="https://twitter.com/globaltimesnews/status/1351751456827719681?ref_src=twsrc%5Etfw">January 20, 2021</a></blockquote>
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Ma's disappearance had fuelled speculation over his safety, however, the Alibaba Group claimed it was "schedule conflict". "Ma could no longer be part of the finale judge panel of Africa’s Business Heroes earlier this year (2020)," it said.&nbsp;

Ma, the actual controller of Alibaba fintech offshoot Ant Group, and Ant management were summoned for talks by the country's top financial regulatory authorities on November 2, just before Ant's planned dual listing in Shanghai and Hong Kong.

The regulatory interview preluded a series of toughening moves that have seen the regulators call a halt to what was expected to be a record-smashing IPO, Global Time said.

Ant Group has established a rectification working team and is formulating a timeframe for overhaul its services, according to Global Times.

Alibaba founder Jack Ma made his first public appearance after disappearing from public view a few months ago after criticising Chinese banking rules in a speech in Shanghai on October 24.

Alibaba founder Jack Ma made his first public appearance after disappearing from public view a few months ago after criticising Chinese banking rules in a speech in Shanghai on October 24. Watch: China's state-run Global Times tweeted a video informing that Jack Ma showed up at a rural teacher-themed social welfare event via video link on Wednesday. The ceremony is an annual event launched by the Jack Ma Foundation in 2015, Global Times informed. Jack Ma Yun, the English teacher turned entrepreneur and former executive chairman of #Alibaba, showed up at a rural teacher-themed social welfare event via video link on Wed, his first public appearance since Alibaba came under tougher regulatory scrutiny.https://t.co/VXywPHEeyv pic.twitter.com/DKCXhASIhu — Global Times (@globaltimesnews) January 20, 2021 × Ma's disappearance had fuelled speculation over his safety, however, the Alibaba Group claimed it was "schedule conflict". "Ma could no longer be part of the finale judge panel of Africa’s Business Heroes earlier this year (2020)," it said. Ma, the actual controller of Alibaba fintech offshoot Ant Group, and Ant management were summoned for talks by the country's top financial regulatory authorities on November 2, just before Ant's planned dual listing in Shanghai and Hong Kong. The regulatory interview preluded a series of toughening moves that have seen the regulators call a halt to what was expected to be a record-smashing IPO, Global Time said. Ant Group has established a rectification working team and is formulating a timeframe for overhaul its services, according to Global Times.

Alibaba's Jack Ma makes first public appearance after months via video link

With the emergence of a new virus wave in China, concerns for the country are growing on all fronts.&nbsp;

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Let's take a look.

<h2>Scare of Covid-19</h2>

Despite the chest-thumping by Chinese President Xi Jinping claiming victory over Covid-19, there is a fresh outbreak in Hebei province.

Also read | <a href="https://www.wionews.com/world/a-year-after-wuhan-outbreak-two-chinese-cities-placed-under-lockdown-355423">A year after Wuhan outbreak, two Chinese cities placed under lockdown</a>

Two cities have been kept under lockdown, with the movement of people and vehicles being controlled, highway closed and mass testing underway.&nbsp;

More than 200 fresh cases were reported this week in Hebei.&nbsp;

Testing is underway in other cities of the province too and in fact, citizens are being encouraged to spy on each other.&nbsp;

Reports say authorities in Nangong are offering cash, 500 yuan (USD 77) for reporting any suspect who has not been tested.&nbsp;

Chinese authorities have asked citizens not to make unnecessary trips for the Lunar New Year which leads to millions travelling and last year contributed to the Wuhan outbreak too.&nbsp;

Many local governments have issued orders this week to impose travel restrictions, prompting China State Railway to refund tickets booked before Thursday.&nbsp;

Beijing has banned large scale celebrations with residents being asked to postpone weddings, simplify funerals and reduce gatherings.&nbsp;

In another major embarrassment for China, a report has said that around 168,000 people were infected by the virus in Wuhan and at least two-thirds of those infections were asymptomatic.&nbsp;

According to the official figures, China has recorded a little less than 97,000 cases.&nbsp;

<h2>Silencing dissent</h2>

China is also trying to evade criticism over the coverage on Alibaba founder Jack Ma.&nbsp;

Reports say Beijing has issued orders to the propaganda arm of the Chinese government.&nbsp;

The instructions from Chinese administration are specific, stick to the official line, do not make any changes and no extended analysis without permission.&nbsp;

Any rebuttals from the country will not be published and foreign media reports are also not permitted on the issue.&nbsp;

Investors and entrepreneurs are concerned, fearing the new regulations are more political in nature.&nbsp;

<h2>Controlling narrative in Hong Kong</h2>

China is also trying to control the narrative in Hong Kong.&nbsp;

Earlier this week, China rounded up more than 50 pro-democracy activists in Hong Kong.&nbsp;

On Thursday, the UN expressed concern over the situation in Hong Kong.&nbsp;

The UN Human Rights Office demanded an immediate release of the arrested activists and Chinese diplomats at the UN shot back.&nbsp;

The US has threatened sanctions over the arrests in Hong Kong.

And Beijing responded by comparing the riots in the US Capitol with the peaceful protests of Hong Kong.&nbsp;

"It's a scene that feels familiar. However, the reactions of some people in the U.S., including media, were portrayed differently. It was mentioned that radical demonstrators in Hong Kong violently stormed the Hong Kong Legislative Council building in July 2019," said Chinese Foreign Ministry Spokeswoman Hua Chunying. &nbsp;&nbsp;

<h2>America responds&nbsp;</h2>

The US remained undeterred by the statement and plans to send a strong message to China next week when its ambassador to UN Kelly Craft will travel to Taiwan.&nbsp;

Craft will meet Taiwan's Foreign Minister Joseph Wu and President Tsai Ing-wen.&nbsp;

Beijing said America is playing with fire and move could "undermine China-US relations".&nbsp;

Still, the US ambassador visit is crucial as the issue of Taiwan's UN membership will likely to come up and it seems China's headaches are set to grow next week.&nbsp;

 
&nbsp;

With the emergence of a new virus wave in China, concerns for the country are growing on all fronts. Let's take a look. Scare of Covid-19 Despite the chest-thumping by Chinese President Xi Jinping claiming victory over Covid-19, there is a fresh outbreak in Hebei province.

With the emergence of a new virus wave in China, concerns for the country are growing on all fronts. Let's take a look. Scare of Covid-19 Despite the chest-thumping by Chinese President Xi Jinping claiming victory over Covid-19, there is a fresh outbreak in Hebei province. Also read | A year after Wuhan outbreak, two Chinese cities placed under lockdown Two cities have been kept under lockdown, with the movement of people and vehicles being controlled, highway closed and mass testing underway. More than 200 fresh cases were reported this week in Hebei. Testing is underway in other cities of the province too and in fact, citizens are being encouraged to spy on each other. Reports say authorities in Nangong are offering cash, 500 yuan (USD 77) for reporting any suspect who has not been tested. Chinese authorities have asked citizens not to make unnecessary trips for the Lunar New Year which leads to millions travelling and last year contributed to the Wuhan outbreak too. Many local governments have issued orders this week to impose travel restrictions, prompting China State Railway to refund tickets booked before Thursday. Beijing has banned large scale celebrations with residents being asked to postpone weddings, simplify funerals and reduce gatherings. In another major embarrassment for China, a report has said that around 168,000 people were infected by the virus in Wuhan and at least two-thirds of those infections were asymptomatic. According to the official figures, China has recorded a little less than 97,000 cases. Silencing dissent China is also trying to evade criticism over the coverage on Alibaba founder Jack Ma. Reports say Beijing has issued orders to the propaganda arm of the Chinese government. The instructions from Chinese administration are specific, stick to the official line, do not make any changes and no extended analysis without permission. Any rebuttals from the country will not be published and foreign media reports are also not permitted on the issue. Investors and entrepreneurs are concerned, fearing the new regulations are more political in nature. Controlling narrative in Hong Kong China is also trying to control the narrative in Hong Kong. Earlier this week, China rounded up more than 50 pro-democracy activists in Hong Kong. On Thursday, the UN expressed concern over the situation in Hong Kong. The UN Human Rights Office demanded an immediate release of the arrested activists and Chinese diplomats at the UN shot back. The US has threatened sanctions over the arrests in Hong Kong. And Beijing responded by comparing the riots in the US Capitol with the peaceful protests of Hong Kong. "It's a scene that feels familiar. However, the reactions of some people in the U.S., including media, were portrayed differently. It was mentioned that radical demonstrators in Hong Kong violently stormed the Hong Kong Legislative Council building in July 2019," said Chinese Foreign Ministry Spokeswoman Hua Chunying. America responds The US remained undeterred by the statement and plans to send a strong message to China next week when its ambassador to UN Kelly Craft will travel to Taiwan. Craft will meet Taiwan's Foreign Minister Joseph Wu and President Tsai Ing-wen. Beijing said America is playing with fire and move could "undermine China-US relations". Still, the US ambassador visit is crucial as the issue of Taiwan's UN membership will likely to come up and it seems China's headaches are set to grow next week.

From Taiwan to Jack Ma, China's troubles are growing on all fronts

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