Chinese business magnate Jack Ma is not missing but is “laying low” at present after telling off Chinese government regulators, CNBC reported on Tuesday.

<a href="https://www.wionews.com/world/how-chinese-president-xi-jinping-scuttled-jack-mas-ant-group-ipo-354464">Also read | How Chinese President Xi Jinping scuttled Jack Ma's Ant group IPO</a> 
 
CNBC's David Faber reported that Ma hasn't been "captured" or "taken," but is instead being less visible on purpose and is likely in Hangzhou, where Alibaba is based. 
 
<a href="https://www.wionews.com/world/jack-mas-disappearance-may-hit-indian-firms-in-long-run-354568">Also read | Jack Ma's 'disappearance' may hit Indian firms in long run</a>

Alibaba founder Jack Ma’s absence from public view in the past two months, including missing the final episode of a TV show on which he was to appear as a judge, has fueled social media speculation over his whereabouts amid a Chinese regulatory clampdown on his sprawling business empire.

China’s highest-profile entrepreneur had not appeared in a public setting since a late October forum in Shanghai where he blasted China’s regulatory system in a speech that put him on a collision course with officials, resulting in the suspension of a $37 billion IPO of Alibaba’s Ant Group fintech arm.

While news coverage of Ma’s absence from public view triggered speculation on Twitter, which is blocked in China, it was not a significant trending topic on social media in mainland China, where sensitive topics are subject to censorship.

(With inputs from agencies)

Chinese business magnate Jack Ma is not missing but is “laying low” at present after telling off Chinese government regulators, CNBC reported on Tuesday. Also read | How Chinese President Xi Jinping scuttled Jack Ma's Ant group IPO CNBC's David Faber reported that Ma hasn't been "captured" or "taken," but is instead being less visible on purpose and is likely in Hangzhou, where Alibaba is based.

Chinese business magnate Jack Ma is not missing but is “laying low” at present after telling off Chinese government regulators, CNBC reported on Tuesday. Also read | How Chinese President Xi Jinping scuttled Jack Ma's Ant group IPO CNBC's David Faber reported that Ma hasn't been "captured" or "taken," but is instead being less visible on purpose and is likely in Hangzhou, where Alibaba is based. Also read | Jack Ma's 'disappearance' may hit Indian firms in long run Alibaba founder Jack Ma’s absence from public view in the past two months, including missing the final episode of a TV show on which he was to appear as a judge, has fueled social media speculation over his whereabouts amid a Chinese regulatory clampdown on his sprawling business empire. China’s highest-profile entrepreneur had not appeared in a public setting since a late October forum in Shanghai where he blasted China’s regulatory system in a speech that put him on a collision course with officials, resulting in the suspension of a $37 billion IPO of Alibaba’s Ant Group fintech arm. While news coverage of Ma’s absence from public view triggered speculation on Twitter, which is blocked in China, it was not a significant trending topic on social media in mainland China, where sensitive topics are subject to censorship. (With inputs from agencies)

Jack Ma not missing, but laying low for time being, says report

Chinese billionaire Jack Ma’s Alibaba Group, which is currently under scrutiny by the Chinese government for alleged monopoly practices is set to shut its music streaming service in a bid to scale down its businesses. 
&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-jack-ma-hasnt-been-seen-in-public-since-october-2020-354475/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The streaming platform is called Xiami Music, and will cease operations next month. "Due to operational adjustments, we will stop the service of Xiami Music from February 5," the platform announced on Tuesday on its Weibo account.&nbsp; 
 
The application was acquired by Alibaba in 2013, and has since seen investment worth millions. But the app currently controls only 2 per cent of the country’s music streaming market. It stands behind apps like KuGou Music, QQ Music, KuWo, and NeatEase Cloud Music, based on data from Talking Data, a data intelligence company from Beijing.

Also read:&nbsp;<a href="http://13.235.153.162/world/how-chinese-president-xi-jinping-scuttled-jack-mas-ant-group-ipo-354464" hreflang="en">How Chinese President Xi Jinping scuttled Jack Ma's Ant group IPO</a> 
 
In December 2020, Ant Group was planning to turn its financial operations into a folding company - allowing it to operate and be regulated more like a bank, as reported by Bloomberg. 
 
Chinese regulators had threatened to interfere in the financial functioning of the company in relation to monopoly practices. China’s response&nbsp;could considerably stop the growth of Ant Group’s profitable units.

Also read:&nbsp;<a href="http://13.235.153.162/world/chinese-regulators-probe-ant-groups-equity-investments-sources-say-353554" hreflang="en">Chinese regulators probe Ant Group's equity investments, sources say</a> 
 
The country’s central bank - People’s Bank in December told Ant executives to improve their business module, and to comply with the country’s regulations. 
 
In the central bank’s statement, Ant Group is depicted as lacking a governance mechanism, while adding that the fintech company is defying regulatory compliance requirements.

Amid reports of Jack Ma going ''missing'', a CNBC report on Tuesday claimed that the business magnate Jack Ma is not missing but is “laying low” at present after telling off Chinese government regulators.

Alibaba founder Jack Ma’s absence from public view in the past two months, including missing the final episode of a TV show on which he was to appear as a judge, has fueled social media speculation over his whereabouts amid a Chinese regulatory clampdown on his sprawling business empire.

Chinese billionaire Jack Ma’s Alibaba Group, which is currently under scrutiny by the Chinese government for alleged monopoly practices is set to shut its music streaming service in a bid to scale down its businesses.

Chinese billionaire Jack Ma’s Alibaba Group, which is currently under scrutiny by the Chinese government for alleged monopoly practices is set to shut its music streaming service in a bid to scale down its businesses. The streaming platform is called Xiami Music, and will cease operations next month. "Due to operational adjustments, we will stop the service of Xiami Music from February 5," the platform announced on Tuesday on its Weibo account. The application was acquired by Alibaba in 2013, and has since seen investment worth millions. But the app currently controls only 2 per cent of the country’s music streaming market. It stands behind apps like KuGou Music, QQ Music, KuWo, and NeatEase Cloud Music, based on data from Talking Data, a data intelligence company from Beijing. Also read: How Chinese President Xi Jinping scuttled Jack Ma's Ant group IPO In December 2020, Ant Group was planning to turn its financial operations into a folding company - allowing it to operate and be regulated more like a bank, as reported by Bloomberg. Chinese regulators had threatened to interfere in the financial functioning of the company in relation to monopoly practices. China’s response could considerably stop the growth of Ant Group’s profitable units. Also read: Chinese regulators probe Ant Group's equity investments, sources say The country’s central bank - People’s Bank in December told Ant executives to improve their business module, and to comply with the country’s regulations. In the central bank’s statement, Ant Group is depicted as lacking a governance mechanism, while adding that the fintech company is defying regulatory compliance requirements. Amid reports of Jack Ma going ''missing'', a CNBC report on Tuesday claimed that the business magnate Jack Ma is not missing but is “laying low” at present after telling off Chinese government regulators. Alibaba founder Jack Ma’s absence from public view in the past two months, including missing the final episode of a TV show on which he was to appear as a judge, has fueled social media speculation over his whereabouts amid a Chinese regulatory clampdown on his sprawling business empire.

Under pressure from China, Jack Ma's Alibaba Group to shut down its music streaming app

Jack Ma's business empire is facing the heat. The Ant Group must overhaul its business. Jack Ma himself has suffered losses after the Ant Group IPO was nixed. Amid the scrutiny, the founder of Alibaba hasn't been seen in public since October.

Gravitas: Jack Ma hasn't been seen in public since October 2020

Xi Jinping's insecurity and the need to assert his power often reveals itself in high-profile disappearances in China. Jack Ma's 'disappearance' could be the latest instance.

Gravitas: Why is China after Jack Ma?

The IPO of Jack Ma's Ant Group was allegedly scuttled by Chinese President Xi Jinping himself. Jack Ma is a member of the Communist Party. But despite that, the Chinese state is not going easy on him

Gravitas: Jack Ma faces a loyalty test from the Communist Party

Call it a double whammy. First, reports surfaced in August last year that China's Alibaba Group has put on hold plans to invest in Indian companies amid geopolitical tensions between the two nations. Now, the "disappearing" act by Alibaba founder and owner of fintech venture Ant Group, Jack Ma, may have left top-notch Indian digital firms flummoxed.

According to US-based PitchBook that delivers data on private capital markets, Alibaba and its affiliates Alibaba Capital Partners and Ant Group (earlier known as Ant Financial) invested more than $2 billion in Indian companies since 2015.

Overall, in the last five years, Chinese investors (including Tencent) have poured in over $5.7 billion into the Indian start-up ecosystem, according to data from Venture Intelligence.

The companies where Alibaba Group via its fintech ventures have invested in include digital payments platform Paytm, online food delivery platform Zomato and BigBasket.

Zomato in January last year raised $150 million from Ant Financial. Ant Financial has been an investor in Zomato since 2018.

Meanwhile, Paytm in December refuted a report that claimed that Ant Group is considering the sale of its 30 per cent stake in the homegrown digital payments major. Ant Group also said that the report is based on "false information".

Jack Ma's fallout with the Chinese government started when the Shanghai Stock Exchange (SSE) in November postponed Ant Group's listing at $37 billion, which would have been the biggest IPO ever.

The Shanghai Stock Exchange cited regulatory changes as the reason behind this sudden suspension.

Alibaba shares plunged by almost 10 per cent in Hong Kong after the news, as Ma lost more than $3 billion in his net worth. Since then, Ma has been nearly untraceable.

On December 26, the People's Bank of China, the country's central bank, "summoned Ant Group for regulatory talks, announcing a sweeping plan for the fintech firm to 'rectify' its regulatory violations".

The banking authority has laid out a five-point compliance agenda for Ant Group. The agenda is that Ant Group should return to its roots in payments and bring more transparency to transactions.

"It must obtain the necessary licenses for its credit businesses and protect user data privacy and establish a financial holding company and ensure it holds sufficient capital."

The Ant Group must also "revamp its credit, insurance, wealth management and other financial businesses according to the law and step up compliance for its securities business".

Ant said it has established an internal "rectification workforce" to work on all the regulatory requirements.

China's top market watchdog has also begun investigation into alleged anti-competition practices by Alibaba.

The State Administration for Market Regulation started investigation into alleged anti-competition practices by the e-commerce giant, as Beijing tightened control of an expanding internet.

In a brief note, the State Administration for Market Regulation said that it is investigating Alibaba over its "choosing one from two" policy.

As part of this policy, merchants are forced to sell exclusively on Alibaba e-commerce platforms and skip rivals like JD.com.

"Alibaba will actively cooperate with the regulators on the investigation," the company said, adding that its "business operations remain normal."

Call it a double whammy. First, reports surfaced in August last year that China's Alibaba Group has put on hold plans to invest in Indian companies amid geopolitical tensions between the two nations.

Call it a double whammy. First, reports surfaced in August last year that China's Alibaba Group has put on hold plans to invest in Indian companies amid geopolitical tensions between the two nations. Now, the "disappearing" act by Alibaba founder and owner of fintech venture Ant Group, Jack Ma, may have left top-notch Indian digital firms flummoxed. According to US-based PitchBook that delivers data on private capital markets, Alibaba and its affiliates Alibaba Capital Partners and Ant Group (earlier known as Ant Financial) invested more than $2 billion in Indian companies since 2015. Overall, in the last five years, Chinese investors (including Tencent) have poured in over $5.7 billion into the Indian start-up ecosystem, according to data from Venture Intelligence. The companies where Alibaba Group via its fintech ventures have invested in include digital payments platform Paytm, online food delivery platform Zomato and BigBasket. Zomato in January last year raised $150 million from Ant Financial. Ant Financial has been an investor in Zomato since 2018. Meanwhile, Paytm in December refuted a report that claimed that Ant Group is considering the sale of its 30 per cent stake in the homegrown digital payments major. Ant Group also said that the report is based on "false information". Jack Ma's fallout with the Chinese government started when the Shanghai Stock Exchange (SSE) in November postponed Ant Group's listing at $37 billion, which would have been the biggest IPO ever. The Shanghai Stock Exchange cited regulatory changes as the reason behind this sudden suspension. Alibaba shares plunged by almost 10 per cent in Hong Kong after the news, as Ma lost more than $3 billion in his net worth. Since then, Ma has been nearly untraceable. On December 26, the People's Bank of China, the country's central bank, "summoned Ant Group for regulatory talks, announcing a sweeping plan for the fintech firm to 'rectify' its regulatory violations". The banking authority has laid out a five-point compliance agenda for Ant Group. The agenda is that Ant Group should return to its roots in payments and bring more transparency to transactions. "It must obtain the necessary licenses for its credit businesses and protect user data privacy and establish a financial holding company and ensure it holds sufficient capital." The Ant Group must also "revamp its credit, insurance, wealth management and other financial businesses according to the law and step up compliance for its securities business". Ant said it has established an internal "rectification workforce" to work on all the regulatory requirements. China's top market watchdog has also begun investigation into alleged anti-competition practices by Alibaba. The State Administration for Market Regulation started investigation into alleged anti-competition practices by the e-commerce giant, as Beijing tightened control of an expanding internet. In a brief note, the State Administration for Market Regulation said that it is investigating Alibaba over its "choosing one from two" policy. As part of this policy, merchants are forced to sell exclusively on Alibaba e-commerce platforms and skip rivals like JD.com. "Alibaba will actively cooperate with the regulators on the investigation," the company said, adding that its "business operations remain normal."

Jack Ma's 'disappearance' may hit Indian firms in long run

Chinese billionaire and founder of the Alibaba Group, Jack Ma, has been reported as missing after he openly criticised China’s regulators and its state-owned banks, accusing them of slowing down innovation.&nbsp;

Jack Ma has not been spotted in public for the last two months and was also missing from the finale episode of his own talent show titled&nbsp;Africa’s Business Heroes.

Also read|&nbsp;<a href="https://www.wionews.com/world/chinas-crackdown-on-alibabas-jack-ma-cost-him-11-billion-353324">China's crackdown on Alibaba's Jack Ma cost him $11 billion</a>

Concerns rose after the businessman delivered a controversial speech in Shanghai on October 24 in which he called the Chinese banking rules and process to be similar to that of an "old people's club".

"Today’s financial system is the legacy of the Industrial Age," he said in his speech. "We must set up a new one for the next generation and young people. We must reform the current system."

Since his controversial speech, Jack Ma's&nbsp;business empire, Ant Group, has been under strict scrutiny by Beijing officials.&nbsp;A $37 billion public offering was also cancelled after his bold stand against China's banking system.

Also read|&nbsp;<a href="https://www.wionews.com/world/china-faces-bumpy-road-ahead-in-2021-353679">China faces bumpy road ahead in 2021</a>

Now, his disappearance from the finale episode of his show has now raised serious concerns for his safety. Further, his image has also been removed from the official website of the talent show.

However, a spokesperson from the Alibaba Group has rubbished all reports and has claimed he is not missing but simply had scheduling issues. "Due to a schedule conflict Mr Ma could no longer be part of the finale judge panel of Africa’s Business Heroes earlier this year (2020)," he said.

Jack Ma has now been replaced by an executive of the Alibaba group, Lucy Peng. "There was something going on in China with Jack Ma or something, so (Lucy) also came in as well," a contestant told local media.

Chinese billionaire and founder of the Alibaba Group, Jack Ma, has been reported as missing after he openly criticised China’s regulators and its state-owned banks, accusing them of slowing down innovation.

Chinese billionaire and founder of the Alibaba Group, Jack Ma, has been reported as missing after he openly criticised China’s regulators and its state-owned banks, accusing them of slowing down innovation. Jack Ma has not been spotted in public for the last two months and was also missing from the finale episode of his own talent show titled Africa’s Business Heroes. Also read| China's crackdown on Alibaba's Jack Ma cost him $11 billion Concerns rose after the businessman delivered a controversial speech in Shanghai on October 24 in which he called the Chinese banking rules and process to be similar to that of an "old people's club". "Today’s financial system is the legacy of the Industrial Age," he said in his speech. "We must set up a new one for the next generation and young people. We must reform the current system." Since his controversial speech, Jack Ma's business empire, Ant Group, has been under strict scrutiny by Beijing officials. A $37 billion public offering was also cancelled after his bold stand against China's banking system. Also read| China faces bumpy road ahead in 2021 Now, his disappearance from the finale episode of his show has now raised serious concerns for his safety. Further, his image has also been removed from the official website of the talent show. However, a spokesperson from the Alibaba Group has rubbished all reports and has claimed he is not missing but simply had scheduling issues. "Due to a schedule conflict Mr Ma could no longer be part of the finale judge panel of Africa’s Business Heroes earlier this year (2020)," he said. Jack Ma has now been replaced by an executive of the Alibaba group, Lucy Peng. "There was something going on in China with Jack Ma or something, so (Lucy) also came in as well," a contestant told local media.

Chinese billionaire Jack Ma goes missing after controversial speech

Chinese tycoon Jack Ma’s fortune has been hit hard as Chinese authorities crack down on his empire. According to Bloomberg, Jack Ma has lost $11 billion since China upped its scrutiny of tech giants in October.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-why-is-xi-jinping-going-after-jack-ma-342774/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

56-year-old Ma’s net worth touched $61.7 billion this year, and was set to become Asia’s wealthiest person again. But now, his wealth has slipped to $50.9 billion, moving him to the 25th spot on the Bloomberg Billionaires Index owing to this. The Index is a list of the world’s 500 most rich people. 
 
China has begun clamping down on big tech groups, including Jack Ma’s Alibaba Group. In November, Beijing pulled the break on the Ant group, which was supposed to be the world’s biggest IPO.

Also read:&nbsp;<a href="http://13.235.153.162/business-economy/china-pushes-ant-group-overhaul-in-latest-crackdown-on-jack-ma-352810" hreflang="en">China pushes Ant Group overhaul in latest crackdown on Jack Ma</a>

The Ant group is a Fintech company, controlled by China's richest man Jack Ma of the Alibaba fame. He wanted to take the Ant group public, and raise up to 37 billion dollars in the process. This would have been the largest IPO, or initial public offering in the world - bigger than the listing of Saudi Aramco. 
 
But the Communist Party has dropped the axe on Ant. The Chinese government has suspended the public listing of this company, marking a big blow for Jack Ma - China's most celebrated entrepreneur. And, a member of the Communist Party. According to multiple claims, this was done because Ma was becoming bigger than the Chinese state itself. 
 
The Ant group IPO was killed by Beijing at the 11th hour, which happened just two days before the company's stock was supposed to start trading in Hong Kong and Shanghai. 
 
Reportedly, the orders came straight from the top, which could potentially even mean President Xi Jinping himself. China said it wants to maintain the stability of the capital markets.

Also read:&nbsp;<a href="http://13.235.153.162/world/why-china-turned-against-jack-ma-352418" hreflang="en">Why China turned against Jack Ma</a>

“Here, what I can tell you is that the decision of suspension is relevant stock exchange department fulfilling its responsibility of self regulation. The decision (of suspension of the IPO) is made by relevant exchange institutes based on laws to better safeguard capital market stability and protect investor rights and interests”, Chinese foreign ministry spokesman Wang Wenbin said.

Anywhere in the world, cancelling an IPO worth 37 billion dollars would shock the investors, and invite greater scrutiny.&nbsp;

Chinese tycoon Jack Ma’s fortune has been hit hard as Chinese authorities crack down on his empire. According to Bloomberg, Jack Ma has lost $11 billion since China upped its scrutiny of tech giants in October.

Chinese tycoon Jack Ma’s fortune has been hit hard as Chinese authorities crack down on his empire. According to Bloomberg, Jack Ma has lost $11 billion since China upped its scrutiny of tech giants in October. 56-year-old Ma’s net worth touched $61.7 billion this year, and was set to become Asia’s wealthiest person again. But now, his wealth has slipped to $50.9 billion, moving him to the 25th spot on the Bloomberg Billionaires Index owing to this. The Index is a list of the world’s 500 most rich people. China has begun clamping down on big tech groups, including Jack Ma’s Alibaba Group. In November, Beijing pulled the break on the Ant group, which was supposed to be the world’s biggest IPO. Also read: China pushes Ant Group overhaul in latest crackdown on Jack Ma The Ant group is a Fintech company, controlled by China's richest man Jack Ma of the Alibaba fame. He wanted to take the Ant group public, and raise up to 37 billion dollars in the process. This would have been the largest IPO, or initial public offering in the world - bigger than the listing of Saudi Aramco. But the Communist Party has dropped the axe on Ant. The Chinese government has suspended the public listing of this company, marking a big blow for Jack Ma - China's most celebrated entrepreneur. And, a member of the Communist Party. According to multiple claims, this was done because Ma was becoming bigger than the Chinese state itself. The Ant group IPO was killed by Beijing at the 11th hour, which happened just two days before the company's stock was supposed to start trading in Hong Kong and Shanghai. Reportedly, the orders came straight from the top, which could potentially even mean President Xi Jinping himself. China said it wants to maintain the stability of the capital markets. Also read: Why China turned against Jack Ma “Here, what I can tell you is that the decision of suspension is relevant stock exchange department fulfilling its responsibility of self regulation. The decision (of suspension of the IPO) is made by relevant exchange institutes based on laws to better safeguard capital market stability and protect investor rights and interests”, Chinese foreign ministry spokesman Wang Wenbin said. Anywhere in the world, cancelling an IPO worth 37 billion dollars would shock the investors, and invite greater scrutiny.

China's crackdown on Alibaba's Jack Ma cost him $11 billion

China`s central bank disclosed on Sunday it had asked the country`s payments giant Ant Group Co Ltd to shake up its lending and other consumer finance operations, the latest blow to its billionaire founder and controlling shareholder Jack Ma. 
 
The announcement came more than a month after Chinese regulators abruptly suspended Ant`s blockbuster $37 billion initial public offering in Shanghai and Hong Kong, and only days after the country`s antitrust authorities said they had launched a probe into Ma`s e-commerce conglomerate Alibaba Group Holding Ltd. 
 
Chinese regulators and Communist Party officials have set about reining in Ma`s sprawling financial empire after he publicly criticized the country`s regulatory system in October for stifling innovation. 
 
Regulators have urged Ant to rectify financial regulatory violations, including in its credit, insurance and wealth management businesses, and overhaul its credit rating business to protect personal information, People`s Bank of China (PBOC) Vice Governor Pan Gongsheng said on Sunday. 
 
Pan`s comments stopped short of calling for a breakup of Ant, yet pointed to significant operational restructuring. Ant should set up a separate holding company to ensure capital adequacy and regulatory compliance, Pan said. 
 
Ant should also be fully licensed to operate its personal credit business, and be more transparent about its third-party payment transactions and not engage in unfair competition, Pan added. 
 
Ant said in a statement it would establish a "rectification" working group and fully implement regulatory requirements. 
 
Ma was advised by the Chinese government to stay in the country, Bloomberg News has reported, citing a person familiar with the matter. Ma could not be reached for comment. 
 
Pan said Ant representatives met on Saturday with officials from the PBOC and other Chinese banking, securities and foreign exchange regulators. 
 
During the meeting, regulators pointed out Ant`s issues including its poor corporate governance, defiance of regulatory demands, illegal regulatory arbitrage, the use of its market advantage to squeeze out competitors, and harming consumers` legal interests, according to Pan. 
 
Ant was launched in 2004 and is 33% owned by Alibaba. Its Alipay app dominates digital payments in China, with more than 730 million monthly users. The Hangzhou-based company also built an empire connecting China`s borrowers and lenders, securing short-term loans within minutes. It was poised to be valued at more than $300 billion in its stock market debut. 
 
Last month, China issued draft rules aimed at preventing monopolistic behaviour by internet firms, and the Politburo this month vowed to strengthen anti-monopoly efforts in 2021 and rein in "disorderly capital expansion." 
 
China also warned internet giants this month to brace for increased scrutiny, as it slapped fines and announced probes into mergers involving Alibaba and Tencent Holdings Ltd.

China`s central bank disclosed on Sunday it had asked the country`s payments giant Ant Group Co Ltd to shake up its lending and other consumer finance operations, the latest blow to its billionaire founder and controlling shareholder Jack Ma.

China`s central bank disclosed on Sunday it had asked the country`s payments giant Ant Group Co Ltd to shake up its lending and other consumer finance operations, the latest blow to its billionaire founder and controlling shareholder Jack Ma. The announcement came more than a month after Chinese regulators abruptly suspended Ant`s blockbuster $37 billion initial public offering in Shanghai and Hong Kong, and only days after the country`s antitrust authorities said they had launched a probe into Ma`s e-commerce conglomerate Alibaba Group Holding Ltd. Chinese regulators and Communist Party officials have set about reining in Ma`s sprawling financial empire after he publicly criticized the country`s regulatory system in October for stifling innovation. Regulators have urged Ant to rectify financial regulatory violations, including in its credit, insurance and wealth management businesses, and overhaul its credit rating business to protect personal information, People`s Bank of China (PBOC) Vice Governor Pan Gongsheng said on Sunday. Pan`s comments stopped short of calling for a breakup of Ant, yet pointed to significant operational restructuring. Ant should set up a separate holding company to ensure capital adequacy and regulatory compliance, Pan said. Ant should also be fully licensed to operate its personal credit business, and be more transparent about its third-party payment transactions and not engage in unfair competition, Pan added. Ant said in a statement it would establish a "rectification" working group and fully implement regulatory requirements. Ma was advised by the Chinese government to stay in the country, Bloomberg News has reported, citing a person familiar with the matter. Ma could not be reached for comment. Pan said Ant representatives met on Saturday with officials from the PBOC and other Chinese banking, securities and foreign exchange regulators. During the meeting, regulators pointed out Ant`s issues including its poor corporate governance, defiance of regulatory demands, illegal regulatory arbitrage, the use of its market advantage to squeeze out competitors, and harming consumers` legal interests, according to Pan. Ant was launched in 2004 and is 33% owned by Alibaba. Its Alipay app dominates digital payments in China, with more than 730 million monthly users. The Hangzhou-based company also built an empire connecting China`s borrowers and lenders, securing short-term loans within minutes. It was poised to be valued at more than $300 billion in its stock market debut. Last month, China issued draft rules aimed at preventing monopolistic behaviour by internet firms, and the Politburo this month vowed to strengthen anti-monopoly efforts in 2021 and rein in "disorderly capital expansion." China also warned internet giants this month to brace for increased scrutiny, as it slapped fines and announced probes into mergers involving Alibaba and Tencent Holdings Ltd.

China pushes Ant Group overhaul in latest crackdown on Jack Ma

China's financial regulators urged Ant Group on Sunday to outline a concrete plan as soon as possible to meet regulatory demands and fully understand the seriousness of the "rectification" work it needs to perform.

The central bank, banking, securities and foreign exchange regulators urged Ant to rectify illegal financial activities, including in its credit, insurance and wealth management businesses, and regulate its credit rating business to protect personal information, People's Bank of China (PBOC) Vice Governor Pan Gongsheng said a day after meeting with representatives of the fintech group.

Ant said in a statement it would establish a "rectification" working party and fully implement regulatory requirements.

The state-backed Economic Daily said in a commentary that Ant should serve the people's needs and economic development, taking effective corporate social responsibility.

Chinese regulators last month abruptly suspended Ant's planned $37 billion initial public offering, which had been on track to be the world's largest, just two days before its shares were due to begin trading in Shanghai and Hong Kong.

On Thursday, authorities said they had launched an antitrust investigation into parent Alibaba Group and would summon Ant, the latest blow for billionaire Jack Ma's e-commerce and fintech empire.

The new demands from the PBOC, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission and State Administration of Foreign Exchange also include that Ant be more transparent about its third-party payment transactions and not conduct unfair competition, and that its setup of financial holding companies comply with the law to ensure the capital adequacy, Pan said.

China's annual Central Economic Work Conference, a gathering of top leaders and policymakers to chart the economy's course in 2021, vowed this month to strengthen antimonopoly efforts and rein in "disorderly capital expansion."

Pan said Ant must step up its risk management and maintain the continuity of its services and normal operations of its business.

During the meeting, regulators pointed out Ant's issues including its poor corporate governance, defiance of regulatory demands, illegal regulatory arbitrary, the use of its market advantage to squeeze out competitors, and harming consumers' legal interests, he said.

China's financial regulators urged Ant Group on Sunday to outline a concrete plan as soon as possible to meet regulatory demands and fully understand the seriousness of the "rectification" work it needs to perform.

China's financial regulators urged Ant Group on Sunday to outline a concrete plan as soon as possible to meet regulatory demands and fully understand the seriousness of the "rectification" work it needs to perform. The central bank, banking, securities and foreign exchange regulators urged Ant to rectify illegal financial activities, including in its credit, insurance and wealth management businesses, and regulate its credit rating business to protect personal information, People's Bank of China (PBOC) Vice Governor Pan Gongsheng said a day after meeting with representatives of the fintech group. Ant said in a statement it would establish a "rectification" working party and fully implement regulatory requirements. The state-backed Economic Daily said in a commentary that Ant should serve the people's needs and economic development, taking effective corporate social responsibility. Chinese regulators last month abruptly suspended Ant's planned $37 billion initial public offering, which had been on track to be the world's largest, just two days before its shares were due to begin trading in Shanghai and Hong Kong. On Thursday, authorities said they had launched an antitrust investigation into parent Alibaba Group and would summon Ant, the latest blow for billionaire Jack Ma's e-commerce and fintech empire. The new demands from the PBOC, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission and State Administration of Foreign Exchange also include that Ant be more transparent about its third-party payment transactions and not conduct unfair competition, and that its setup of financial holding companies comply with the law to ensure the capital adequacy, Pan said. China's annual Central Economic Work Conference, a gathering of top leaders and policymakers to chart the economy's course in 2021, vowed this month to strengthen antimonopoly efforts and rein in "disorderly capital expansion." Pan said Ant must step up its risk management and maintain the continuity of its services and normal operations of its business. During the meeting, regulators pointed out Ant's issues including its poor corporate governance, defiance of regulatory demands, illegal regulatory arbitrary, the use of its market advantage to squeeze out competitors, and harming consumers' legal interests, he said.

China financial regulators urges Ant Group to set 'rectification' plan swiftly

In China, Jack Ma is synonymous with success. The English teacher turned internet entrepreneur is the country’s richest person. He founded Alibaba, the closest thing that Amazon has to a peer and rival. After Donald Trump was elected U.S. president in 2016, Ma was the first high-profile Chinese person he met with.

That success has translated to a rock-star life for “Daddy Ma,” as some people online called him. He played an unconquerable kung fu master in a 2017 short film packed with top Chinese movie stars. He has sung with Faye Wong, the Chinese pop diva. A painting he created with Zeng Fanzhi, China’s top artist, sold at a Sotheby’s auction for $5.4 million. For China’s young and ambitious, Daddy Ma’s story was one to emulate.

Watch |&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-why-is-xi-jinping-going-after-jack-ma-342774/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

But lately, public sentiment has soured, and Daddy Ma has become the man people in China love to hate. He has been called a “villain,” an “evil capitalist” and a “bloodsucking ghost.” A writer listed Ma’s “10 deadly sins.” Instead of Daddy, some people have started to call him “son” or “grandson.” In stories about him, a growing number of people leave comments quoting Marx: “Workers of the world, unite!”

Also Read | <a href="https://www.wionews.com/south-asia/china-steps-in-to-stop-war-within-nepal-communist-party-352734">China steps in to stop war within Nepal Communist Party</a>

This loss of stature has come as Ma is facing increasing trouble with the Chinese government. Chinese officials Thursday said they had opened an antitrust investigation into Alibaba, the powerhouse e-commerce company that he co-founded and over which he still holds considerable sway.

At the same time, government officials are continuing to circle Ant Group, the fintech giant that Ma had spun out of Alibaba.

Last month, authorities quashed Ant’s planned blockbuster initial public offering, less than two weeks after Ma castigated financial regulators for being obsessed with minimizing risk and accused China’s banks of behaving like “pawnshops” by lending only to those who could put up collateral. On Thursday, on the same morning that the Alibaba antitrust investigation was announced, four regulatory agencies said that officials would meet with Ant to discuss new supervision measures.

On its surface, the shift in Ma’s public image stems in large part from the Chinese government’s growing criticism of his business empire. A look beneath the surface shows a deeper and more troubling trend for both the Chinese government and the entrepreneurs who powered the country out of its economic dark ages over the past four decades.

A growing number of people in China seem to feel the opportunities that people like Ma enjoyed are disappearing, even amid China’s post-coronavirus surge. While China has more billionaires than the United States and India combined, about 600 million of its people earn $150 a month or less. While consumption in the first 11 months of this year fell about 5% nationally, China’s luxury consumption is expected to grow nearly 50% this year compared with 2019.

Young college graduates, even those with degrees from the United States, face limited white-collar job prospects and low wages. Housing in the best cities has become too expensive for first-time buyers. Young people who have borrowed from a new generation of online lenders, like Ma’s Ant Group, have debts they increasingly resent.

For all of China’s economic success, a long-running resentment of the rich, sometimes called the wealthy-hating complex, has long bubbled below the surface. With Ma, it has emerged with a vengeance.

“An outstanding people’s billionaire like Jack Ma will definitely be hanged on top of the lamppost,” an online commentator wrote in a widely circulated social media post, referring to the famous lynching slogan in the French Revolution, “À la lanterne!” The article was liked 122,000 times on the Twitter-like Weibo platform and read more than 100,000 times on the messaging and social media app WeChat.

The Communist Party seems more than willing to tap into that resentment. This could mean trouble ahead for entrepreneurs and private businesses under Xi Jinping, China’s top leader, who values servility and loyalty above everything else.

In an annual leadership meeting last week that set the tone for the country’s economic policies for the coming year, the party vowed to strengthen antitrust measures and prevent “the disorderly expansion of capital.”

Some businesspeople say that the hostility toward Ant and Ma makes them wonder about the fundamental direction of the country.

“You can either have absolute control, or you can have a dynamic, innovative economy,” said Fred Hu, founder of the investment firm Primavera Capital Group in Hong Kong. “But it’s doubtful you can have both.”

His firm is an investor in Ant Group, and he sits on Ant’s board.

Xi made no secret about what his ideal capitalist should be like. Ten days after the Ant IPO debacle, he toured a museum exhibition devoted to Zhang Jian, an industrialist who was active more than a century ago. Zhang helped build up his hometown, Nantong, and opened hundreds of schools. Business figures in the Xi era, the message went, should also put their nation ahead of business.

In a July meeting with the members of the business community, Xi pointed to Zhang as a role model and urged them to rank patriotism as their top quality. (Xi reportedly did not mention that Zhang died bankrupt.)

Ma has his own high-profile philanthropic projects, like several initiatives in rural education and a prize to help develop entrepreneurial talent in Africa. But in many other respects, the flamboyant technology entrepreneur differs greatly from Zhang.

He has long enjoyed a better reputation than his peers in manufacturing, real estate and other industries whose edge may derive from cultivating close government ties, ignoring the environmental rules or exploiting employees.

He is as famous for making bold statements and challenging authorities. In 2003, he created Alipay, which later became part of Ant Group, putting his business empire square in the center of the state-controlled world of finance.

“If someone needs to go to jail for Alipay, let it be me,” he told his colleagues at the time.

He sometimes subtly dared the government to punish his defiance. Regarding Ant’s business, he said on multiple occasions, “If the government needs it, I can give it to the government.”

His top lieutenants repeated the line, too.

At the time, few people took these remarks seriously. People who know him well considered them a very “Jack thing” to say.

“Giving Alipay to the country? Jack Ma is just saying,” read the headline of a 2010 opinion piece in the China Business News newspaper.

Now the chances that those bold statements become real have heightened.

“Given what has happened, eventually Ant will have to be controlled or even majority-owned by the state,” said Zhiwu Chen, an economist at Hong Kong University’s business school.

The pressure on Ma signals a shift in how the Chinese government regulates the internet. It has long censored content, but in other ways it has adopted a laissez-faire approach. Regulations were spare. No state-run companies were involved. And at the beginning, China’s internet industry was small.

Today, Alibaba and its archrival, Tencent, control more personal data and are more intimately involved in everyday life in China than Google, Facebook and other tech titans are in the United States. And just like their U.S. counterparts, the Chinese giants sometimes bully smaller competitors and kill innovation. You do not have to be a member of the Communist Party to see reasons to rein them in.

Instead of disrupting the state system, the companies have cozied up to it. Sometimes they even help authorities track people. Still, the government has increasingly seen their size and influence as a threat.

China’s tech companies are not the country’s biggest monopolies, however. Those are owned by the state, which dominates banking and finance, telecommunications, electricity and other essential businesses.

“China Mobile is a monopoly. Industrial and Commercial Bank of China is a monopoly,” Zhang Weiying, a well-regarded Peking University economist, wrote in 2017, “because without the government permission, you can’t enter these industries.”

The article was reposted under several social media accounts last week but was quickly censored.

It’s too early to tell how far the regulators will go in reining in Ma and big tech. But some pro-market people in China worry that the country is drifting toward the hard line of the 1950s, when the party eliminated the capital class, using language that compared capitalist leanings to impurities, flaws and weaknesses.

To these people, some of the language recently used by Eric Jing, Ant’s chair, evoked the era. At a conference Dec. 15, he said the company was “looking into the mirror, finding out our shortcomings and conducting a bodily checkup.” 
&nbsp;

In China, Jack Ma is synonymous with success. The English teacher turned internet entrepreneur is the country’s richest person. He founded Alibaba, the closest thing that Amazon has to a peer and rival.

In China, Jack Ma is synonymous with success. The English teacher turned internet entrepreneur is the country’s richest person. He founded Alibaba, the closest thing that Amazon has to a peer and rival. After Donald Trump was elected U.S. president in 2016, Ma was the first high-profile Chinese person he met with. That success has translated to a rock-star life for “Daddy Ma,” as some people online called him. He played an unconquerable kung fu master in a 2017 short film packed with top Chinese movie stars. He has sung with Faye Wong, the Chinese pop diva. A painting he created with Zeng Fanzhi, China’s top artist, sold at a Sotheby’s auction for $5.4 million. For China’s young and ambitious, Daddy Ma’s story was one to emulate. Watch | But lately, public sentiment has soured, and Daddy Ma has become the man people in China love to hate. He has been called a “villain,” an “evil capitalist” and a “bloodsucking ghost.” A writer listed Ma’s “10 deadly sins.” Instead of Daddy, some people have started to call him “son” or “grandson.” In stories about him, a growing number of people leave comments quoting Marx: “Workers of the world, unite!” Also Read | China steps in to stop war within Nepal Communist Party This loss of stature has come as Ma is facing increasing trouble with the Chinese government. Chinese officials Thursday said they had opened an antitrust investigation into Alibaba, the powerhouse e-commerce company that he co-founded and over which he still holds considerable sway. At the same time, government officials are continuing to circle Ant Group, the fintech giant that Ma had spun out of Alibaba. Last month, authorities quashed Ant’s planned blockbuster initial public offering, less than two weeks after Ma castigated financial regulators for being obsessed with minimizing risk and accused China’s banks of behaving like “pawnshops” by lending only to those who could put up collateral. On Thursday, on the same morning that the Alibaba antitrust investigation was announced, four regulatory agencies said that officials would meet with Ant to discuss new supervision measures. On its surface, the shift in Ma’s public image stems in large part from the Chinese government’s growing criticism of his business empire. A look beneath the surface shows a deeper and more troubling trend for both the Chinese government and the entrepreneurs who powered the country out of its economic dark ages over the past four decades. A growing number of people in China seem to feel the opportunities that people like Ma enjoyed are disappearing, even amid China’s post-coronavirus surge. While China has more billionaires than the United States and India combined, about 600 million of its people earn $150 a month or less. While consumption in the first 11 months of this year fell about 5% nationally, China’s luxury consumption is expected to grow nearly 50% this year compared with 2019. Young college graduates, even those with degrees from the United States, face limited white-collar job prospects and low wages. Housing in the best cities has become too expensive for first-time buyers. Young people who have borrowed from a new generation of online lenders, like Ma’s Ant Group, have debts they increasingly resent. For all of China’s economic success, a long-running resentment of the rich, sometimes called the wealthy-hating complex, has long bubbled below the surface. With Ma, it has emerged with a vengeance. “An outstanding people’s billionaire like Jack Ma will definitely be hanged on top of the lamppost,” an online commentator wrote in a widely circulated social media post, referring to the famous lynching slogan in the French Revolution, “À la lanterne!” The article was liked 122,000 times on the Twitter-like Weibo platform and read more than 100,000 times on the messaging and social media app WeChat. The Communist Party seems more than willing to tap into that resentment. This could mean trouble ahead for entrepreneurs and private businesses under Xi Jinping, China’s top leader, who values servility and loyalty above everything else. In an annual leadership meeting last week that set the tone for the country’s economic policies for the coming year, the party vowed to strengthen antitrust measures and prevent “the disorderly expansion of capital.” Some businesspeople say that the hostility toward Ant and Ma makes them wonder about the fundamental direction of the country. “You can either have absolute control, or you can have a dynamic, innovative economy,” said Fred Hu, founder of the investment firm Primavera Capital Group in Hong Kong. “But it’s doubtful you can have both.” His firm is an investor in Ant Group, and he sits on Ant’s board. Xi made no secret about what his ideal capitalist should be like. Ten days after the Ant IPO debacle, he toured a museum exhibition devoted to Zhang Jian, an industrialist who was active more than a century ago. Zhang helped build up his hometown, Nantong, and opened hundreds of schools. Business figures in the Xi era, the message went, should also put their nation ahead of business. In a July meeting with the members of the business community, Xi pointed to Zhang as a role model and urged them to rank patriotism as their top quality. (Xi reportedly did not mention that Zhang died bankrupt.) Ma has his own high-profile philanthropic projects, like several initiatives in rural education and a prize to help develop entrepreneurial talent in Africa. But in many other respects, the flamboyant technology entrepreneur differs greatly from Zhang. He has long enjoyed a better reputation than his peers in manufacturing, real estate and other industries whose edge may derive from cultivating close government ties, ignoring the environmental rules or exploiting employees. He is as famous for making bold statements and challenging authorities. In 2003, he created Alipay, which later became part of Ant Group, putting his business empire square in the center of the state-controlled world of finance. “If someone needs to go to jail for Alipay, let it be me,” he told his colleagues at the time. He sometimes subtly dared the government to punish his defiance. Regarding Ant’s business, he said on multiple occasions, “If the government needs it, I can give it to the government.” His top lieutenants repeated the line, too. At the time, few people took these remarks seriously. People who know him well considered them a very “Jack thing” to say. “Giving Alipay to the country? Jack Ma is just saying,” read the headline of a 2010 opinion piece in the China Business News newspaper. Now the chances that those bold statements become real have heightened. “Given what has happened, eventually Ant will have to be controlled or even majority-owned by the state,” said Zhiwu Chen, an economist at Hong Kong University’s business school. The pressure on Ma signals a shift in how the Chinese government regulates the internet. It has long censored content, but in other ways it has adopted a laissez-faire approach. Regulations were spare. No state-run companies were involved. And at the beginning, China’s internet industry was small. Today, Alibaba and its archrival, Tencent, control more personal data and are more intimately involved in everyday life in China than Google, Facebook and other tech titans are in the United States. And just like their U.S. counterparts, the Chinese giants sometimes bully smaller competitors and kill innovation. You do not have to be a member of the Communist Party to see reasons to rein them in. Instead of disrupting the state system, the companies have cozied up to it. Sometimes they even help authorities track people. Still, the government has increasingly seen their size and influence as a threat. China’s tech companies are not the country’s biggest monopolies, however. Those are owned by the state, which dominates banking and finance, telecommunications, electricity and other essential businesses. “China Mobile is a monopoly. Industrial and Commercial Bank of China is a monopoly,” Zhang Weiying, a well-regarded Peking University economist, wrote in 2017, “because without the government permission, you can’t enter these industries.” The article was reposted under several social media accounts last week but was quickly censored. It’s too early to tell how far the regulators will go in reining in Ma and big tech. But some pro-market people in China worry that the country is drifting toward the hard line of the 1950s, when the party eliminated the capital class, using language that compared capitalist leanings to impurities, flaws and weaknesses. To these people, some of the language recently used by Eric Jing, Ant’s chair, evoked the era. At a conference Dec. 15, he said the company was “looking into the mirror, finding out our shortcomings and conducting a bodily checkup.”

Why China turned against Jack Ma

China has launched an investigation into Alibaba Group for suspected monopolistic behaviour and will summon its Ant Group to meet in coming days.

Regulators will also hold "supervisory and guidance" talks with Alibaba's gigantic financial services subsidiary Ant Group, state media reported, just weeks after its record-breaking IPO was halted at the last minute by Beijing.

The moves demonstrate mounting state pressure on one of the country's most influential companies, whose success revolutionised the e-commerce landscape and made its founder Jack Ma China's richest man.

Regulators have become increasingly uncomfortable with parts of Ant's sprawling empire, chiefly its most lucrative credit business that contributed close to 40% of its revenue in the first half of the year.

Regulators had previously warned e-commerce giant Alibaba about the so-called "choosing one from two" practice under which merchants are required to sign exclusive cooperation pacts preventing them from offering products on rival platforms.

Financial regulators will also meet with Alibaba's Ant Group fintech affiliate in the coming days, according to a separate statement by the People's Bank of China on Thursday.

The meeting is to "guide Ant Group to implement financial supervision, fair competition and protect the legitimate rights and interests of consumers," the statement said.

In response, Ant Group said in a statement that it would "diligently study and strictly comply with regulatory departments' requests".

Ant Group made its name via its main product Alipay, the online payments platform and super-app that is now deeply embedded in China's economy.

This year, Beijing has also implemented new regulations to contain potential risks in China's growing online lending industry, as the fintech arms of internet firms including Alibaba and Tencent have expanded and consolidated power over the market.

(with inputs from agencies)

China has launched an investigation into Alibaba Group for suspected monopolistic behaviour and will summon its Ant Group to meet in coming days. Regulators will also hold "supervisory and guidance" talks with Alibaba's gigantic financial services subsidiary Ant Group, state media reported, just weeks after its record-breaking IPO was halted at the last minute by Beijing.

China has launched an investigation into Alibaba Group for suspected monopolistic behaviour and will summon its Ant Group to meet in coming days. Regulators will also hold "supervisory and guidance" talks with Alibaba's gigantic financial services subsidiary Ant Group, state media reported, just weeks after its record-breaking IPO was halted at the last minute by Beijing. The moves demonstrate mounting state pressure on one of the country's most influential companies, whose success revolutionised the e-commerce landscape and made its founder Jack Ma China's richest man. Regulators have become increasingly uncomfortable with parts of Ant's sprawling empire, chiefly its most lucrative credit business that contributed close to 40% of its revenue in the first half of the year. Regulators had previously warned e-commerce giant Alibaba about the so-called "choosing one from two" practice under which merchants are required to sign exclusive cooperation pacts preventing them from offering products on rival platforms. Financial regulators will also meet with Alibaba's Ant Group fintech affiliate in the coming days, according to a separate statement by the People's Bank of China on Thursday. The meeting is to "guide Ant Group to implement financial supervision, fair competition and protect the legitimate rights and interests of consumers," the statement said. In response, Ant Group said in a statement that it would "diligently study and strictly comply with regulatory departments' requests". Ant Group made its name via its main product Alipay, the online payments platform and super-app that is now deeply embedded in China's economy. This year, Beijing has also implemented new regulations to contain potential risks in China's growing online lending industry, as the fintech arms of internet firms including Alibaba and Tencent have expanded and consolidated power over the market. (with inputs from agencies)

China launches anti-monopoly probe into Alibaba

Despite record sales on Singles' Day, Alibaba's shares plunged 10%. This massive sell-off was triggered by fears that Alibaba founder Jack Ma is losing favour with Beijing. Why is Xi Jinping targeting the poster boy of the Chinese tech industry? WION's Palki Sharma has more.

Gravitas: Why is Xi Jinping going after Jack Ma?

China's last-minute abandonment of&nbsp;Ant&nbsp;Group's record-breaking IPO stems from an intensifying battle for the soul of the nation's financial system that the fintech giant and its charismatic leader Jack Ma helped to ignite.

Global markets were stunned Tuesday when&nbsp;Ant's record-breaking $34 billion IPO was abruptly shelved, frustrating investors eager for a piece of the fast-growing company.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/china-envisions-a-new-hong-kong-firmly-under-its-control-340596" hreflang="en">China envisions a new Hong Kong, firmly under its control</a>

The last-minute ambush by China's regulators was seen by analysts and investors as an attempt to cut&nbsp;Ant&nbsp;founder Jack Ma and his financial services empire down to size but they expected it to eventually list in Hong Kong and Shanghai as planned.&nbsp;

The debacle has prompted head-scratching over how the IPO got so close,&nbsp;shares were to begin trading Thursday,&nbsp;only to collapse at the finish line.

Analysts say it was the culmination of an escalating rivalry between Ma,&nbsp;Ant's co-founder and the billionaire founder of Alibaba, and a state-dominated Chinese banking and regulatory system controlled by the Communist Party that has become uncomfortable with&nbsp;Ant's growing power.

Ant&nbsp;Group&nbsp;made its name via its main product Alipay, the online payments platform, and super-app that is now deeply embedded in China's economy.

But the company has also expanded into offering loans, credit, investments, and insurance to hundreds of millions of consumers and small businesses, spurring fear and jealously in a wider banking system geared more for supporting state policy and large corporations.

As global demand for the dual Hong Kong-Shanghai listing pushed the IPO toward record valuations -- potentially handing Ma and&nbsp;Ant&nbsp;Group&nbsp;even more funding, legitimacy and clout -- Chinese regulators acted.

In recent weeks, new minimum capital requirements and other restrictions on online lending were imposed to guard against "systemic risk", plugging some of the regulatory gaps that&nbsp;Ant&nbsp;Group&nbsp;had stepped through, analysts said.

"Given the magnitude of&nbsp;Ant&nbsp;Group's operations, the regulators might have felt that they did not have an appropriate handle on the flow of money being processed through&nbsp;Ant&nbsp;Group&nbsp;products," said Philippe Espinasse, a capital markets consultant and former investment banker.

Ant&nbsp;has been trying to present itself as a technology firm rather than a financial giant&nbsp;and its valuation up until now has benefited from its tech focus.

But Chinese regulators have become uncomfortable with parts of its sprawling empire - namely its lucrative online lending business which contributed almost 40% of its overall revenue in the first half of the year.

Under draft rules published on Monday, online lenders in China would have to stump up more of their own capital for loans, which is expected to hurt&nbsp;Ant's business model.&nbsp;Ant's co-lending subsidiaries Huabei and Jiebei would also no longer be allowed to sell wealth management products, analysts said.

The China Securities Regulatory Commission (CSRC) said on Wednesday that recent regulatory changes could have a "major impact" on&nbsp;Ant's business structure and profit model.

It said suspending the initial public offering (IPO) was a responsible move both for investors and markets.

Ma sounds off&nbsp;

The moves angered Ma, 56, who had stood to become Asia's richest man via the IPO.

He uncharacteristically lashed out in a speech two weeks ago, saying capital requirements were outdated and that China lacked a true "financial ecosystem".&nbsp;

Ma likened Chinese banks to "pawn shops" for requiring loan collateral and implied that they underserved smaller, younger borrowers.

Chinese public figures rarely call out the government, and the reaction was swift.

A series of commentaries in government media mouthpieces pushed back against Ma, warning of extensive risks from online lenders like&nbsp;Ant&nbsp;Group&nbsp;and vowing tighter supervision.

Things came to a head Monday when Ma and two other&nbsp;Ant&nbsp;executives were summoned to a highly unusual meeting with financial regulators.&nbsp;

Exact details of the talks remain unknown, but the next day the Shanghai exchange pulled the IPO.

Ma's critiques "didn't sit well with regulators, many of whom have been grappling with the risks of micro-lending", said Alex Capri, a research fellow at Hinrich Foundation.

"Ant&nbsp;has grown too large and too influential as a financial institution in China, something that will not be tolerated by the (ruling Communist Party)," Capri said.

Experts say a robust online lending sector is needed to meet the needs of ordinary consumers but that China has reason to fear a borrowing binge.

Bad debt in the country's chaotic financial system is a perennial risk, and regulators launched a crackdown on a growing nationwide credit addiction three years ago owing to fears of a financial meltdown.

'Awful' timing

But&nbsp;Ant&nbsp;now boasts around 500 million users of its loan and credit products, which allow consumers to take out cash loans or access revolving credit lines.

This has stoked fears of a younger digital generation with little risk awareness falling into a life-long debt spiral, said Zhang Gang, a strategist with Central China Securities.

"Because of&nbsp;Ant's scale and influence, they may dominate private lending in the future and ... (acquire) private lending companies," said Zhang, who feels tighter regulations are badly needed.

The IPO is expected to eventually go ahead after&nbsp;Ant&nbsp;complies with the new regulatory requirements, which it has vowed to do, although analysts expect the size and valuation to be lower in light of the curbs on&nbsp;Ant's businesses.

But the "awful" timing of the IPO's withdrawal could dent China's hopes of being viewed as a financial and technology force to rival the United States, said Espinasse.

Beijing is pushing its national tech champions to list on China's stock exchanges rather than in the US, partly because of an escalating bilateral rivalry.

"This potentially has significant implications, not just for homecoming listings but also for listings of Chinese tech companies more generally," Espinasse said.&nbsp;

"Ultimately, financial markets are all about trust and transparency and it looks like we don’t have that right now."

China's last-minute abandonment of Ant Group's record-breaking IPO stems from an intensifying battle for the soul of the nation's financial system that the fintech giant and its charismatic leader Jack Ma helped to ignite.

China's last-minute abandonment of Ant Group's record-breaking IPO stems from an intensifying battle for the soul of the nation's financial system that the fintech giant and its charismatic leader Jack Ma helped to ignite. Global markets were stunned Tuesday when Ant's record-breaking $34 billion IPO was abruptly shelved, frustrating investors eager for a piece of the fast-growing company. Also read: China envisions a new Hong Kong, firmly under its control The last-minute ambush by China's regulators was seen by analysts and investors as an attempt to cut Ant founder Jack Ma and his financial services empire down to size but they expected it to eventually list in Hong Kong and Shanghai as planned. The debacle has prompted head-scratching over how the IPO got so close, shares were to begin trading Thursday, only to collapse at the finish line. Analysts say it was the culmination of an escalating rivalry between Ma, Ant's co-founder and the billionaire founder of Alibaba, and a state-dominated Chinese banking and regulatory system controlled by the Communist Party that has become uncomfortable with Ant's growing power. Ant Group made its name via its main product Alipay, the online payments platform, and super-app that is now deeply embedded in China's economy. But the company has also expanded into offering loans, credit, investments, and insurance to hundreds of millions of consumers and small businesses, spurring fear and jealously in a wider banking system geared more for supporting state policy and large corporations. As global demand for the dual Hong Kong-Shanghai listing pushed the IPO toward record valuations -- potentially handing Ma and Ant Group even more funding, legitimacy and clout -- Chinese regulators acted. In recent weeks, new minimum capital requirements and other restrictions on online lending were imposed to guard against "systemic risk", plugging some of the regulatory gaps that Ant Group had stepped through, analysts said. "Given the magnitude of Ant Group's operations, the regulators might have felt that they did not have an appropriate handle on the flow of money being processed through Ant Group products," said Philippe Espinasse, a capital markets consultant and former investment banker. Ant has been trying to present itself as a technology firm rather than a financial giant and its valuation up until now has benefited from its tech focus. But Chinese regulators have become uncomfortable with parts of its sprawling empire - namely its lucrative online lending business which contributed almost 40% of its overall revenue in the first half of the year. Under draft rules published on Monday, online lenders in China would have to stump up more of their own capital for loans, which is expected to hurt Ant's business model. Ant's co-lending subsidiaries Huabei and Jiebei would also no longer be allowed to sell wealth management products, analysts said. The China Securities Regulatory Commission (CSRC) said on Wednesday that recent regulatory changes could have a "major impact" on Ant's business structure and profit model. It said suspending the initial public offering (IPO) was a responsible move both for investors and markets. Ma sounds off The moves angered Ma, 56, who had stood to become Asia's richest man via the IPO. He uncharacteristically lashed out in a speech two weeks ago, saying capital requirements were outdated and that China lacked a true "financial ecosystem". Ma likened Chinese banks to "pawn shops" for requiring loan collateral and implied that they underserved smaller, younger borrowers. Chinese public figures rarely call out the government, and the reaction was swift. A series of commentaries in government media mouthpieces pushed back against Ma, warning of extensive risks from online lenders like Ant Group and vowing tighter supervision. Things came to a head Monday when Ma and two other Ant executives were summoned to a highly unusual meeting with financial regulators. Exact details of the talks remain unknown, but the next day the Shanghai exchange pulled the IPO. Ma's critiques "didn't sit well with regulators, many of whom have been grappling with the risks of micro-lending", said Alex Capri, a research fellow at Hinrich Foundation. "Ant has grown too large and too influential as a financial institution in China, something that will not be tolerated by the (ruling Communist Party)," Capri said. Experts say a robust online lending sector is needed to meet the needs of ordinary consumers but that China has reason to fear a borrowing binge. Bad debt in the country's chaotic financial system is a perennial risk, and regulators launched a crackdown on a growing nationwide credit addiction three years ago owing to fears of a financial meltdown. 'Awful' timing But Ant now boasts around 500 million users of its loan and credit products, which allow consumers to take out cash loans or access revolving credit lines. This has stoked fears of a younger digital generation with little risk awareness falling into a life-long debt spiral, said Zhang Gang, a strategist with Central China Securities. "Because of Ant's scale and influence, they may dominate private lending in the future and ... (acquire) private lending companies," said Zhang, who feels tighter regulations are badly needed. The IPO is expected to eventually go ahead after Ant complies with the new regulatory requirements, which it has vowed to do, although analysts expect the size and valuation to be lower in light of the curbs on Ant's businesses. But the "awful" timing of the IPO's withdrawal could dent China's hopes of being viewed as a financial and technology force to rival the United States, said Espinasse. Beijing is pushing its national tech champions to list on China's stock exchanges rather than in the US, partly because of an escalating bilateral rivalry. "This potentially has significant implications, not just for homecoming listings but also for listings of Chinese tech companies more generally," Espinasse said. "Ultimately, financial markets are all about trust and transparency and it looks like we don’t have that right now."

Ant Group's IPO fiasco culmination of escalating rivalry between Jack Ma and China's Communist Party

The shocking decision taken by China at the last-minute has hurt the shares of Jack Ma's e-commerce giant Alibaba on Wednesday as investors remain concerned with the move.&nbsp;

Shanghai's stock exchange late on Tuesday suspended the record-breaking IPO of Ant Group less than 48 hours ahead of the shares' trading.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/alibaba-puts-india-investment-plan-on-hold-amid-china-tensions-sources-323353">Alibaba puts India investment plan on hold amid China tensions - Sources</a>

It said, "major issues such as changes in the fintech supervisory environment" rose concerns whether the company could now meet listing requirements.

Hong Kong's exchange also said it has postponed the IPO.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/all-about-ant-group-the-next-big-tech-ipo-338413">All about Ant group, the next Big Tech IPO</a>

The suspension stopped what would have the world's biggest IPO on Thursday, with both legs worth $34 billion.&nbsp;

Alibaba's Hong Kong-listed shares declined 9.6 per cent at the beginning of trading on Wednesday, after its New York-listed stocks ended 8.13 per cent lower on Tuesday post the announcement.&nbsp;

China's decision came after recent warnings in the state media about potential financial instability due to Ant Group's brisk growth.

Beijing has slammed new regulations to halt China's growing online lending sector, a field Ant Group has aggressively shifted into just as regulators have worked to lower the risk posed to its economy by runaway debt.

The shocking decision taken by China at the last-minute has hurt the shares of Jack Ma's e-commerce giant Alibaba on Wednesday as investors remain concerned with the move.

The shocking decision taken by China at the last-minute has hurt the shares of Jack Ma's e-commerce giant Alibaba on Wednesday as investors remain concerned with the move. Shanghai's stock exchange late on Tuesday suspended the record-breaking IPO of Ant Group less than 48 hours ahead of the shares' trading. Also read | Alibaba puts India investment plan on hold amid China tensions - Sources It said, "major issues such as changes in the fintech supervisory environment" rose concerns whether the company could now meet listing requirements. Hong Kong's exchange also said it has postponed the IPO. Also read | All about Ant group, the next Big Tech IPO The suspension stopped what would have the world's biggest IPO on Thursday, with both legs worth $34 billion. Alibaba's Hong Kong-listed shares declined 9.6 per cent at the beginning of trading on Wednesday, after its New York-listed stocks ended 8.13 per cent lower on Tuesday post the announcement. China's decision came after recent warnings in the state media about potential financial instability due to Ant Group's brisk growth. Beijing has slammed new regulations to halt China's growing online lending sector, a field Ant Group has aggressively shifted into just as regulators have worked to lower the risk posed to its economy by runaway debt.

Alibaba's shares hit hard following shocking suspension of Ant Group's IPO

One of China’s most influential tech companies, the internet finance titan Ant Group, is poised to raise a boatload of cash by selling shares.

The sale puts another stamp on China’s importance as a digital powerhouse. But it also shows how the tech world is fracturing.

The company could be worth more than many global banks after its share sale, yet its business is highly concentrated in just one country: China. Instead of listing in New York, as many other Chinese internet companies have done, Ant is going public in Hong Kong and Shanghai.

Here’s what to know about the company and its initial public offering.

Ant is Jack Ma’s second tech giant

Around the turn of the millennium, the internet was a lawless frontier, not least in China. Online shopping was a gamble. Buying and selling took place largely between strangers. Nobody could be sure they weren’t being defrauded.

Alibaba, the Chinese e-commerce group, had an idea for cultivating trust. In 2003, it created a service called Alipay that held on to payments until buyers confirmed that they were satisfied with their purchases. If the items were fake or never arrived, the money was refunded.

Alipay helped Alibaba’s bazaars take off. Jack Ma, Alibaba’s co-founder, spun the service out in 2011 as a separate company, setting off a tiff with Yahoo, which was then a major Alibaba investor.

Today, Alibaba owns a one-third stake in Ant. Ma is Ant’s controlling shareholder, although he is not part of its management.

Ant’s executive chairman, Eric Jing, and chief executive, Simon Hu, both worked for years in Alibaba’s orbit. Ant has 16,660 employees.

Life is different with Alipay

When people across China want to pay for something, they don’t reach for their wallets. They grab their phones.

With Alipay and another smartphone app, the social platform WeChat, exchanging money is a matter of scanning a QR code — at an in-person cashier, during checkout at an online store or face-to-face with a friend. Shops and restaurants still accept cash, though often begrudgingly.

Over time, Alipay has come to host other services, too. People in China use it to shop on credit — no plastic card required. They take out small loans, invest their savings and buy health and life insurance. Fees from those businesses accounted for more than half of Ant’s revenue last year.

The app is a big deal in China

Alipay has more than 730 million monthly users, more than twice the U.S. population. By comparison, PayPal has 346 million active accounts.

Ant handled more than $17 trillion in digital payments in mainland China during the 12 months that ended in June. PayPal says its total payment volume in 2019 was $712 billion. Ant also enabled around $300 billion in credit to consumers and small businesses.

When the company goes public, it could be valued around $310 billion. That would make it worth about as much as JPMorgan Chase, and much more than Citigroup and Goldman Sachs.

Alipay is no slouch technologically, either. Ant says its systems processed 459,000 payments a second at the peak of a Chinese shopping holiday last year. Visa, by contrast, says it can handle 65,000 transactions a second.

Ant is huge not only because China’s population is huge. Its growth was also helped by the fact that China had previously been so far behind in digital finance. Few people had credit cards. The big government-run banks were slow to modernize.

But how much bigger can it get?

Around 95% of Ant’s revenue last year came from mainland China. The company has invested in Paytm, an Indian payment app, and acquired EyeVerify, a startup in Kansas City, Missouri, that makes biometric authentication technology. But for now at least, Alipay seems unlikely to implant itself so deeply in another country’s financial system.

Even in China, the government is wary about fast-growing financial products. The Communist Party has clamped down on lending fraud and questionable investment schemes. Regulators have also criticized Ant for not adequately protecting users’ personal data.

The fact that Ant has survived for so long in China under regulatory pressure means it will probably continue working around whatever the authorities throw at it, said Kevin Kwek, an analyst with the research firm Bernstein.

“If you’re going to sell anything to consumers that’s financial services, the regulators have to scrutinize it,” he said. “I don’t think they’re trying to find ways to kill Ant.”

One of China’s most influential tech companies, the internet finance titan Ant Group, is poised to raise a boatload of cash by selling shares. The sale puts another stamp on China’s importance as a digital powerhouse.

One of China’s most influential tech companies, the internet finance titan Ant Group, is poised to raise a boatload of cash by selling shares. The sale puts another stamp on China’s importance as a digital powerhouse. But it also shows how the tech world is fracturing. The company could be worth more than many global banks after its share sale, yet its business is highly concentrated in just one country: China. Instead of listing in New York, as many other Chinese internet companies have done, Ant is going public in Hong Kong and Shanghai. Here’s what to know about the company and its initial public offering. Ant is Jack Ma’s second tech giant Around the turn of the millennium, the internet was a lawless frontier, not least in China. Online shopping was a gamble. Buying and selling took place largely between strangers. Nobody could be sure they weren’t being defrauded. Alibaba, the Chinese e-commerce group, had an idea for cultivating trust. In 2003, it created a service called Alipay that held on to payments until buyers confirmed that they were satisfied with their purchases. If the items were fake or never arrived, the money was refunded. Alipay helped Alibaba’s bazaars take off. Jack Ma, Alibaba’s co-founder, spun the service out in 2011 as a separate company, setting off a tiff with Yahoo, which was then a major Alibaba investor. Today, Alibaba owns a one-third stake in Ant. Ma is Ant’s controlling shareholder, although he is not part of its management. Ant’s executive chairman, Eric Jing, and chief executive, Simon Hu, both worked for years in Alibaba’s orbit. Ant has 16,660 employees. Life is different with Alipay When people across China want to pay for something, they don’t reach for their wallets. They grab their phones. With Alipay and another smartphone app, the social platform WeChat, exchanging money is a matter of scanning a QR code — at an in-person cashier, during checkout at an online store or face-to-face with a friend. Shops and restaurants still accept cash, though often begrudgingly. Over time, Alipay has come to host other services, too. People in China use it to shop on credit — no plastic card required. They take out small loans, invest their savings and buy health and life insurance. Fees from those businesses accounted for more than half of Ant’s revenue last year. The app is a big deal in China Alipay has more than 730 million monthly users, more than twice the U.S. population. By comparison, PayPal has 346 million active accounts. Ant handled more than $17 trillion in digital payments in mainland China during the 12 months that ended in June. PayPal says its total payment volume in 2019 was $712 billion. Ant also enabled around $300 billion in credit to consumers and small businesses. When the company goes public, it could be valued around $310 billion. That would make it worth about as much as JPMorgan Chase, and much more than Citigroup and Goldman Sachs. Alipay is no slouch technologically, either. Ant says its systems processed 459,000 payments a second at the peak of a Chinese shopping holiday last year. Visa, by contrast, says it can handle 65,000 transactions a second. Ant is huge not only because China’s population is huge. Its growth was also helped by the fact that China had previously been so far behind in digital finance. Few people had credit cards. The big government-run banks were slow to modernize. But how much bigger can it get? Around 95% of Ant’s revenue last year came from mainland China. The company has invested in Paytm, an Indian payment app, and acquired EyeVerify, a startup in Kansas City, Missouri, that makes biometric authentication technology. But for now at least, Alipay seems unlikely to implant itself so deeply in another country’s financial system. Even in China, the government is wary about fast-growing financial products. The Communist Party has clamped down on lending fraud and questionable investment schemes. Regulators have also criticized Ant for not adequately protecting users’ personal data. The fact that Ant has survived for so long in China under regulatory pressure means it will probably continue working around whatever the authorities throw at it, said Kevin Kwek, an analyst with the research firm Bernstein. “If you’re going to sell anything to consumers that’s financial services, the regulators have to scrutinize it,” he said. “I don’t think they’re trying to find ways to kill Ant.”

All about Ant group, the next Big Tech IPO

Jack Ma, the founder of Alibaba says the dual IPO (initial public offering) listings of the company Ant Group in Shanghai and Hong Kong would soon break the world record to become the biggest in history.

According to RT, the Ant Group is expected to raise $34.5 billion as part of its dual listing. This was based on the price of its shares on Monday. Jack Ma says that this would make Ant Group the largest listing in "human history", and hailing outside of New York City.

Also read:&nbsp;<a href="http://13.235.153.162/business-economy/vaccine-tycoon-overtakes-jack-ma-to-become-chinas-richest-asias-second-wealthiest-329880" hreflang="en">Vaccine tycoon overtakes Jack Ma to become China's richest, Asia's second-wealthiest</a> 
 
“It’s the first time that the pricing of such a big listing — the largest in human history — has been determined outside New York City,” the Chinese billionaire said, as reported by RT.

Further calling it a "miracle", the billionaire said that he couldn't have fathomed this three-five years ago. “We didn’t dare to think about it five years ago, or even three years ago”, he said.

Aramco's $29.4 billion listing in December 2020 set the world record. The Ant Group's dual listing worth $35 would break this record!

Ant Group owns Alipay, considered the world's most valuable unicorns. Earlier, the company had claimed how the listing would assist in the acceleration of the company's goal of "digitizing the service industry in China'', which they believe would also drive domestic demand.

Also read:&nbsp;<a href="http://13.235.153.162/india-news/jack-ma-summon-petitioners-lawyer-seeks-stay-on-disposal-of-uc-browsers-assets-in-india-316258" hreflang="en">Jack Ma summon: Petitioner's lawyer seeks stay on disposal of UC Browser's assets in India</a>

Ant's Executive Chairman Eric Jing had earlier asserted the importance of becoming a public company, saying it would "enhance transparency to stakeholders'' that include customers, business partners, and employees.

Ant enjoys the backing of Alibaba, the Chinese e-commerce giant, which was founded by Jack Ma, who owns 33 per cent of Ant's shares.&nbsp;

Alibaba had one of the largest IPOs in history amounting up to $25 billion valuation. Currently, the company's market capitalisation has grown to over $831 billion.

Jack Ma, the founder of Alibaba says the dual IPO (initial public offering) listings of the company Ant Group in Shanghai and Hong Kong would soon break the world record to become the biggest in history.

Jack Ma, the founder of Alibaba says the dual IPO (initial public offering) listings of the company Ant Group in Shanghai and Hong Kong would soon break the world record to become the biggest in history. According to RT, the Ant Group is expected to raise $34.5 billion as part of its dual listing. This was based on the price of its shares on Monday. Jack Ma says that this would make Ant Group the largest listing in "human history", and hailing outside of New York City. Also read: Vaccine tycoon overtakes Jack Ma to become China's richest, Asia's second-wealthiest “It’s the first time that the pricing of such a big listing — the largest in human history — has been determined outside New York City,” the Chinese billionaire said, as reported by RT. Further calling it a "miracle", the billionaire said that he couldn't have fathomed this three-five years ago. “We didn’t dare to think about it five years ago, or even three years ago”, he said. Aramco's $29.4 billion listing in December 2020 set the world record. The Ant Group's dual listing worth $35 would break this record! Ant Group owns Alipay, considered the world's most valuable unicorns. Earlier, the company had claimed how the listing would assist in the acceleration of the company's goal of "digitizing the service industry in China'', which they believe would also drive domestic demand. Also read: Jack Ma summon: Petitioner's lawyer seeks stay on disposal of UC Browser's assets in India Ant's Executive Chairman Eric Jing had earlier asserted the importance of becoming a public company, saying it would "enhance transparency to stakeholders'' that include customers, business partners, and employees. Ant enjoys the backing of Alibaba, the Chinese e-commerce giant, which was founded by Jack Ma, who owns 33 per cent of Ant's shares. Alibaba had one of the largest IPOs in history amounting up to $25 billion valuation. Currently, the company's market capitalisation has grown to over $831 billion.

Ant Group's IPO listing will be the largest in history, claims Jack Ma

Vaccine tycoon Zhong Shanshan has become China's wealthiest and Asia's second-richest person on Wednesday after his wealth overtook that of Jack Ma.&nbsp;

Popularly known as "Lone Wolf", Shanshan's net worth stood at $58.7 billion on Wednesday, $2 billion more than that of Ma, according to the Bloomberg Billionaires Index.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/worlds-richest-1-cause-double-co2-emissions-of-poorest-50-says-oxfam-329722">World's richest 1% cause double CO2 emissions of poorest 50%, says Oxfam</a>

A Bloomberg report said the Chinese tycoon's wealth has risen $51.9 billion this year, which is more than any other individual apart from Amazon chief Jeff Bezos and SpaceX and Tesla CEO Elon Musk.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/elon-musk-becomes-worlds-third-richest-man-bezos-ex-wife-now-worlds-richest-woman-324475">Elon Musk becomes world's third richest man; Bezos' ex-wife now world's richest woman</a>

Both Musk and Bezos witnessed major declines in their wealths on Wednesday as tech stocks declined and Tesla shares fell following below par performance from its "Battery Day" event.&nbsp;

Shanshan's fortunes changed drastically earlier this month as he entered into the list of China's top three richest persons after his popular bottled-water company Nongfu Spring Co's initial public offering became a hit in Hong Kong.

Also, in April, the listing of his Beijing Wantai Biological Pharmacy Enterprise Co. led to a rise in wealth to $20 billion by early August.

Interestingly, the "Lone Wolf" is leading that wealth ranking list in China, which is largely dominated by tech giants.&nbsp;

Meanwhile, Wednesday proved to be an extremely disappointing day for US tech stocks, which caused Musk's wealth plunge the most out of the people in the Bloomberg's ranking of world's richest 500.&nbsp;

Vaccine tycoon Zhong Shanshan has become China's wealthiest and Asia's second-richest person on Wednesday after his wealth overtook that of Jack Ma. Popularly known as "Lone Wolf", Shanshan's net worth stood at $58.

Vaccine tycoon Zhong Shanshan has become China's wealthiest and Asia's second-richest person on Wednesday after his wealth overtook that of Jack Ma. Popularly known as "Lone Wolf", Shanshan's net worth stood at $58.7 billion on Wednesday, $2 billion more than that of Ma, according to the Bloomberg Billionaires Index. Also read | World's richest 1% cause double CO2 emissions of poorest 50%, says Oxfam A Bloomberg report said the Chinese tycoon's wealth has risen $51.9 billion this year, which is more than any other individual apart from Amazon chief Jeff Bezos and SpaceX and Tesla CEO Elon Musk. Also read | Elon Musk becomes world's third richest man; Bezos' ex-wife now world's richest woman Both Musk and Bezos witnessed major declines in their wealths on Wednesday as tech stocks declined and Tesla shares fell following below par performance from its "Battery Day" event. Shanshan's fortunes changed drastically earlier this month as he entered into the list of China's top three richest persons after his popular bottled-water company Nongfu Spring Co's initial public offering became a hit in Hong Kong. Also, in April, the listing of his Beijing Wantai Biological Pharmacy Enterprise Co. led to a rise in wealth to $20 billion by early August. Interestingly, the "Lone Wolf" is leading that wealth ranking list in China, which is largely dominated by tech giants. Meanwhile, Wednesday proved to be an extremely disappointing day for US tech stocks, which caused Musk's wealth plunge the most out of the people in the Bloomberg's ranking of world's richest 500.

Vaccine tycoon overtakes Jack Ma to become China's richest, Asia's second-wealthiest

US President Donald Trump said on Saturday during a press conference that he was "looking into" whether Chinese technology giant Alibaba should be banned in the United States.

Donald Trump says considering ban on Chinese firm Alibaba after TikTok

Owner of Ali Baba Group and one of the richest men in China Jack Ma has been summoned by an Indian district court in a case related to fake news and censorship. In a court filing dated July 20th Pushpandra Singh Parmar, a former employee of Ali Baba Group's UC Web has alleged that the company was censoring content and news that did not favour China. The district court of the Indian state of Haryana's Gurugram city which is hearing the case has issued a summon to Jack Ma. &nbsp;Parmar alleges that the company used to censor content seen as unfavourable to China and its apps UC Browser and UC News showcased false news “to cause social and political turmoil”. Parmar, who worked as an associate director at the UC Web office in Gurugram until October 2017 and is seeking $268,000 in damages.

Atul Ahlawat, the advocate of the petitioner spoke to WION. Here are the edited excerpts from the interview.

What are the charges and what reaction you got from the company and its owner Jack Ma?

This is a civil suit for wrongful termination and my client Pushpandra Singh Parmar who was working as an associate director with the company is seeking damages and compensation to the tune of Rs 2 crore for the wrongful termination. The learned civil judge here at the Gurugram court has issued summons to all the defendants including Jack Ma. The summons is returnable July 29. They can either appear through counsellor in person.&nbsp;

Is Jack Ma going to appear in the court on July 29?

No, till date we have not received any response from the defendants or Jack Ma. We are waiting for 29 which is the next date of hearing. We are expecting someone to appear. Either in person or through a council.&nbsp;

 
The lawsuit contains some sensitive words like Sino-India war and India-China border. Can you explain how exactly they have a place in the lawsuit?&nbsp;

Our petition contains certain specific allegations wherein there were more than 1,500,50 words which were content specific which was used through used a computer programme and whenever somebody typed these words used to be highlighted and app managers of the company used to know about it and the content which the app was showing to them used to then go through a filter system. So, if you write Indo-Pak war 1999 Kargil, they are going to give you those stories which are favourable to Chinese narrative or Chinese interests or even Pakistani interests which were running against the Indian interest and it was not content-neutral like Google or other search engines.

How the case progresses from here on?

Since its a civil suit, there is a possibility that Jack Ma and other defenders do not appear in person but they appear through their council because they are authorised to do so under the law. The case will proceed in a normal manner irrespective of reasonable restrictions that are imposed due to COVID-19. The have to file their return response which written statement &nbsp;within 30 days which can be extended to 90 days if they show reasonable excuse. I expect our application for stay which we have filed on the 20th of July to be taken up on the next date of hearing. We are asking for stay so that they do not alienate their assets in the country because there were reports that they are closing shop in Ind and they are going to alienate and dispose of all their assets which is going to frustrate my client's rights if that is allowed to happen. So, we will try to impress upon the court that in the time being when the matter is being heard there should be a stay against the defendants so that they do not dispose of their assets in India and do not run away from the country.&nbsp; 
&nbsp;

Owner of Ali Baba Group and one of the richest men in China Jack Ma has been summoned by an Indian district court in a case related to fake news and censorship. In a court filing dated July 20th Pushpandra Singh Parmar, a former employee of Ali Baba Group's UC Web has alleged that the company was censoring content and news that did not favour China.

Owner of Ali Baba Group and one of the richest men in China Jack Ma has been summoned by an Indian district court in a case related to fake news and censorship. In a court filing dated July 20th Pushpandra Singh Parmar, a former employee of Ali Baba Group's UC Web has alleged that the company was censoring content and news that did not favour China. The district court of the Indian state of Haryana's Gurugram city which is hearing the case has issued a summon to Jack Ma. Parmar alleges that the company used to censor content seen as unfavourable to China and its apps UC Browser and UC News showcased false news “to cause social and political turmoil”. Parmar, who worked as an associate director at the UC Web office in Gurugram until October 2017 and is seeking $268,000 in damages. Atul Ahlawat, the advocate of the petitioner spoke to WION. Here are the edited excerpts from the interview. What are the charges and what reaction you got from the company and its owner Jack Ma? This is a civil suit for wrongful termination and my client Pushpandra Singh Parmar who was working as an associate director with the company is seeking damages and compensation to the tune of Rs 2 crore for the wrongful termination. The learned civil judge here at the Gurugram court has issued summons to all the defendants including Jack Ma. The summons is returnable July 29. They can either appear through counsellor in person. Is Jack Ma going to appear in the court on July 29? No, till date we have not received any response from the defendants or Jack Ma. We are waiting for 29 which is the next date of hearing. We are expecting someone to appear. Either in person or through a council. The lawsuit contains some sensitive words like Sino-India war and India-China border. Can you explain how exactly they have a place in the lawsuit? Our petition contains certain specific allegations wherein there were more than 1,500,50 words which were content specific which was used through used a computer programme and whenever somebody typed these words used to be highlighted and app managers of the company used to know about it and the content which the app was showing to them used to then go through a filter system. So, if you write Indo-Pak war 1999 Kargil, they are going to give you those stories which are favourable to Chinese narrative or Chinese interests or even Pakistani interests which were running against the Indian interest and it was not content-neutral like Google or other search engines. How the case progresses from here on? Since its a civil suit, there is a possibility that Jack Ma and other defenders do not appear in person but they appear through their council because they are authorised to do so under the law. The case will proceed in a normal manner irrespective of reasonable restrictions that are imposed due to COVID-19. The have to file their return response which written statement within 30 days which can be extended to 90 days if they show reasonable excuse. I expect our application for stay which we have filed on the 20th of July to be taken up on the next date of hearing. We are asking for stay so that they do not alienate their assets in the country because there were reports that they are closing shop in Ind and they are going to alienate and dispose of all their assets which is going to frustrate my client's rights if that is allowed to happen. So, we will try to impress upon the court that in the time being when the matter is being heard there should be a stay against the defendants so that they do not dispose of their assets in India and do not run away from the country.

Jack Ma summon: Petitioner's lawyer seeks stay on disposal of UC Browser's assets in India

An Indian court has summoned Alibaba and its co-founder, Jack Ma, in a case in which a former employee of India says that after objecting to what he saw as censorship and fake news on company apps, he was wrongfully fired.

Alibaba Group, Jack Ma summoned by Indian court on ex-employee's complaint

An Indian court has summoned Alibaba and its founder Jack Ma in a case in which a former employee in India says he was wrongfully fired after objecting to what he saw as censorship and fake news on company apps, documents seen by Reuters showed.

The case comes weeks after India cited security concerns in banning Alibaba's UC News, UC Browser and 57 other Chinese apps after a clash between the two countries' forces on their border.

Following the ban, which China has criticized, India sought written answers from all affected companies, including whether they censored content or acted for any foreign government.

In court filings dated July 20 and previously not reported, the former employee of Alibaba's UC Web, Pushpandra Singh Parmar, alleges the company used to censor content seen as unfavourable to China and its apps UC Browser and UC News showcased false news "to cause social and political turmoil".

Civil Judge Sonia Sheokand of a district court in Gurugram, a satellite city of India's capital, New Delhi, has issued summons for Alibaba, Jack Ma and about a dozen individuals or company units, asking them to appear in court or through a lawyer on July 29, court documents showed.

The judge has also sought written responses from the company and its executives within 30 days, according to the summons.

UC India said in a statement it had been "unwavering in its commitment to the India market and the welfare of its local employees, and its policies are in compliance with local laws. We are unable to comment on ongoing litigation".

Alibaba representatives did not respond to requests for comment from the Chinese company or on behalf of Jack Ma.

Parmar, who worked as an associate director at the UC Web office in Gurugram until October 2017 and is seeking $268,000 in damages, referred Reuters queries to his lawyer, Atul Ahlawat, who declined to comment saying the matter was sub judice.

The court case is the latest hurdle for Alibaba in India after the Indian government's app ban, following which UC Web has started laying off some staff in India.

Before the apps were banned, the UC Browser had been downloaded at least 689 million times in India, while UC News had 79.8 million downloads, most during 2017 and 2018, data from analytics firm Sensor Tower showed.

ALLEGATIONS IN COURT

India has said it banned the 59 apps after it received "credible inputs" that such apps posed a threat to India's sovereignty. Its IT minister said the decision was taken to safeguard citizens' data and public order.

In more than 200 pages of court filings, reviewed by Reuters, former employee Parmar included clippings of some posts showcased on the UC News app that he alleged were false.

One post from 2017 was headlined in Hindi: "2,000-rupee notes to be banned from midnight today". Another headline of a 2018 post said: "Just now: War broke out between India and Pakistan" and contained description of firing across the disputed border between the countries.

Reuters could not independently verify the veracity of the claims in the court filing. India did not ban its 2,000-rupee currency note and no war occurred between India and Pakistan in 2018.

The lawsuit also contains a "sensitive words list" with key words in Hindi and English like "India-China border" and "Sino-India war" that the court filing alleges were used by UC Web to censor content on its platforms in India.

"In order to control any news related content to be published against China was automatically/manually rejected by an audit system evolved for this purpose," the filing said.

The Chinese Embassy in New Delhi and China's foreign ministry in Beijing, as well as India's IT ministry in New Delhi, did not respond to requests for comment.

An Indian court has summoned Alibaba and its founder Jack Ma in a case in which a former employee in India says he was wrongfully fired after objecting to what he saw as censorship and fake news on company apps, documents seen by Reuters showed.

An Indian court has summoned Alibaba and its founder Jack Ma in a case in which a former employee in India says he was wrongfully fired after objecting to what he saw as censorship and fake news on company apps, documents seen by Reuters showed. The case comes weeks after India cited security concerns in banning Alibaba's UC News, UC Browser and 57 other Chinese apps after a clash between the two countries' forces on their border. Following the ban, which China has criticized, India sought written answers from all affected companies, including whether they censored content or acted for any foreign government. In court filings dated July 20 and previously not reported, the former employee of Alibaba's UC Web, Pushpandra Singh Parmar, alleges the company used to censor content seen as unfavourable to China and its apps UC Browser and UC News showcased false news "to cause social and political turmoil". Civil Judge Sonia Sheokand of a district court in Gurugram, a satellite city of India's capital, New Delhi, has issued summons for Alibaba, Jack Ma and about a dozen individuals or company units, asking them to appear in court or through a lawyer on July 29, court documents showed. The judge has also sought written responses from the company and its executives within 30 days, according to the summons. UC India said in a statement it had been "unwavering in its commitment to the India market and the welfare of its local employees, and its policies are in compliance with local laws. We are unable to comment on ongoing litigation". Alibaba representatives did not respond to requests for comment from the Chinese company or on behalf of Jack Ma. Parmar, who worked as an associate director at the UC Web office in Gurugram until October 2017 and is seeking $268,000 in damages, referred Reuters queries to his lawyer, Atul Ahlawat, who declined to comment saying the matter was sub judice. The court case is the latest hurdle for Alibaba in India after the Indian government's app ban, following which UC Web has started laying off some staff in India. Before the apps were banned, the UC Browser had been downloaded at least 689 million times in India, while UC News had 79.8 million downloads, most during 2017 and 2018, data from analytics firm Sensor Tower showed. ALLEGATIONS IN COURT India has said it banned the 59 apps after it received "credible inputs" that such apps posed a threat to India's sovereignty. Its IT minister said the decision was taken to safeguard citizens' data and public order. In more than 200 pages of court filings, reviewed by Reuters, former employee Parmar included clippings of some posts showcased on the UC News app that he alleged were false. One post from 2017 was headlined in Hindi: "2,000-rupee notes to be banned from midnight today". Another headline of a 2018 post said: "Just now: War broke out between India and Pakistan" and contained description of firing across the disputed border between the countries. Reuters could not independently verify the veracity of the claims in the court filing. India did not ban its 2,000-rupee currency note and no war occurred between India and Pakistan in 2018. The lawsuit also contains a "sensitive words list" with key words in Hindi and English like "India-China border" and "Sino-India war" that the court filing alleges were used by UC Web to censor content on its platforms in India. "In order to control any news related content to be published against China was automatically/manually rejected by an audit system evolved for this purpose," the filing said. The Chinese Embassy in New Delhi and China's foreign ministry in Beijing, as well as India's IT ministry in New Delhi, did not respond to requests for comment.

Alibaba, Jack Ma summoned by Indian court on former employee's complaint

India's Gurugram court summons Alibaba group & it's co-founder Jack Ma on ex-employee's complaint

China's top businessmen and entrepreneurs, including Alibaba (BABA) founder Jack Ma, could face serious consequences if the Trump administration decides to ban all members of Chinese Communist&nbsp;Party (CCP) from entering their nation.

Earlier a report said US could impose a travel ban that could potentially affect more than 90 million people from China.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/us-is-the-biggest-human-rights-abuser-says-china-on-trump-administrations-visa-sanction-on-huawei-employees-313692">US is the biggest human rights abuser, says China on Trump administration's visa sanction on Huawei employees</a>

Several wealthy businessmen from China, like Dalian Wanda Group founder Wang Jianlin and BYD founder Wang Chuanfu could be impacted from this ban as they all are members of the Communist Party. &nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/us-mulls-travel-ban-on-92-million-members-of-communist-party-of-china-report-313607">US mulls travel ban on 92 million members of Communist Party of China : Report</a>

While Wanda, owns the world's biggest movie theater chain, AMC, Chuanfu-founded BYD is China's leading e-car company.&nbsp;

"China's rich and powerful are almost all party members," Willy Lam, adjunct professor at the Center for China Studies at the Chinese University of Hong Kong, said, reported CNN.&nbsp;

A study published last year revealed more than half of 8,000 entrepreneurs surveyed said they were the members of the CCP.&nbsp;

Also, a ban like this this could create serious hurdles for Chinese businesses as many trade on the stock exchanges in the US.&nbsp;

Chinese foreign ministry on Thursday said such ban if implemented would be "pathetic".&nbsp;

The relations between Beijing and Washington hit rock-bottom after they ended a long trade tussle, when US President Donald Trump blamed China for the coronavirus outbreak.

Hong Kong security law and issue of Chinese telecom giant Huawei also severely affected the ties of the US and China.&nbsp; 
&nbsp;

China's top businessmen and entrepreneurs, including Alibaba (BABA) founder Jack Ma, could face serious consequences if the Trump administration decides to ban all members of Chinese Communist Party (CCP) from entering their nation.

China's top businessmen and entrepreneurs, including Alibaba (BABA) founder Jack Ma, could face serious consequences if the Trump administration decides to ban all members of Chinese Communist Party (CCP) from entering their nation. Earlier a report said US could impose a travel ban that could potentially affect more than 90 million people from China. Also read | US is the biggest human rights abuser, says China on Trump administration's visa sanction on Huawei employees Several wealthy businessmen from China, like Dalian Wanda Group founder Wang Jianlin and BYD founder Wang Chuanfu could be impacted from this ban as they all are members of the Communist Party. Also read | US mulls travel ban on 92 million members of Communist Party of China : Report While Wanda, owns the world's biggest movie theater chain, AMC, Chuanfu-founded BYD is China's leading e-car company. "China's rich and powerful are almost all party members," Willy Lam, adjunct professor at the Center for China Studies at the Chinese University of Hong Kong, said, reported CNN. A study published last year revealed more than half of 8,000 entrepreneurs surveyed said they were the members of the CCP. Also, a ban like this this could create serious hurdles for Chinese businesses as many trade on the stock exchanges in the US. Chinese foreign ministry on Thursday said such ban if implemented would be "pathetic". The relations between Beijing and Washington hit rock-bottom after they ended a long trade tussle, when US President Donald Trump blamed China for the coronavirus outbreak. Hong Kong security law and issue of Chinese telecom giant Huawei also severely affected the ties of the US and China.

Chinese billionaires, including Jack Ma could be barred from US with travel ban

In China, Ali Baba co-founder Jack Ma now holds a meager 4.8 percent stake in the company, compared with 6.4 percent a year before. Watch report.

Ali Baba co-founder's stake dips: Stake down to 4.8% from 6.2%

Alibaba founder Jack Ma is no longer the richest man in China after Tencent’s Pony Ma, 48, worth $50 billion, surpassed Jack Ma’s $48 billion fortune, according to a Bloomberg report.

<a href="https://www.wionews.com/world/alibaba-founder-jack-ma-begins-sending-coronavirus-testing-kits-masks-to-us-286832">Also Read:&nbsp;Alibaba founder Jack Ma begins sending coronavirus testing kits, masks to US</a>

Tencent Holdings Ltd shares surged on Wednesday in Hong Kong trading recording a $40 billion surge this week propelling Pony Ma's fortune above Jack Ma, 55, who had founded the biggest e-commerce company in China.

The COVID-19 pandemic played its part in boosting Tencent's fortune as gamers stayed home during the extended lockdown in China.

Alibaba, on the other hand, had reported its net profit had fallen 88 per cent in the first quarter of the year due to disruptions caused by the coronavirus.

"Although the pandemic negatively impacted most of our domestic core commerce businesses starting in late January, we have seen a steady recovery since March," Chief Financial Officer Maggie Wu said.

The company's net profit fell $447 million in January-March, compared to 25.83 billion yuan over the same period last year. China had reported its first case of the virus on December 31 in Wuhan.

China later imposed quarantines on millions of people starting in Wuhan and extended the shut down throughout the country during the peak of the virus in January and February.

Meanwhile, Tencent reported a sharp rise in first-quarter net profit after a surge in demand for its online games as coronavirus pandemic spread. The company's net profit rose 29 per cent from a year earlier to $3.95 billion.

"During this difficult period, we seek to provide online services that keep people connected, informed, productive, and entertained," chief executive Ma Huateng said, while adding," So far, our businesses have proved resilient and cashflow-generative."

Online game revenue grew by 31 per cent on year to 37.2 billion yuan, Tencent said with popular games such as &nbsp;"Honour of Kings", "PUBG Mobile" and "Clash of Clans" cashing on the surge in demand of stay-at-home gamers. 
&nbsp;

Alibaba founder Jack Ma is no longer the richest man in China after Tencent’s Pony Ma, 48, worth $50 billion, surpassed Jack Ma’s $48 billion fortune, according to a Bloomberg report.

Alibaba founder Jack Ma is no longer the richest man in China after Tencent’s Pony Ma, 48, worth $50 billion, surpassed Jack Ma’s $48 billion fortune, according to a Bloomberg report. Also Read: Alibaba founder Jack Ma begins sending coronavirus testing kits, masks to US Tencent Holdings Ltd shares surged on Wednesday in Hong Kong trading recording a $40 billion surge this week propelling Pony Ma's fortune above Jack Ma, 55, who had founded the biggest e-commerce company in China. The COVID-19 pandemic played its part in boosting Tencent's fortune as gamers stayed home during the extended lockdown in China. Alibaba, on the other hand, had reported its net profit had fallen 88 per cent in the first quarter of the year due to disruptions caused by the coronavirus. "Although the pandemic negatively impacted most of our domestic core commerce businesses starting in late January, we have seen a steady recovery since March," Chief Financial Officer Maggie Wu said. The company's net profit fell $447 million in January-March, compared to 25.83 billion yuan over the same period last year. China had reported its first case of the virus on December 31 in Wuhan. China later imposed quarantines on millions of people starting in Wuhan and extended the shut down throughout the country during the peak of the virus in January and February. Meanwhile, Tencent reported a sharp rise in first-quarter net profit after a surge in demand for its online games as coronavirus pandemic spread. The company's net profit rose 29 per cent from a year earlier to $3.95 billion. "During this difficult period, we seek to provide online services that keep people connected, informed, productive, and entertained," chief executive Ma Huateng said, while adding," So far, our businesses have proved resilient and cashflow-generative." Online game revenue grew by 31 per cent on year to 37.2 billion yuan, Tencent said with popular games such as "Honour of Kings", "PUBG Mobile" and "Clash of Clans" cashing on the surge in demand of stay-at-home gamers.

COVID-19 fortune: Tencent's Pony Ma dethrones Alibaba's Jack Ma to become richest in China

Jack Ma Foundation and Alibaba Foundation have sent the first tranche of medical supplies to India on Saturday. This was donated to Indian Red Cross Society and more supplies are expected in the future.

Jack Ma Foundation and Alibaba Foundation have sent the first tranche of medical supplies to India on Saturday. This was donated to Indian Red Cross Society and more supplies are expected in the future. Joint Secretary of Health Ministry, Lav Aggarwal said, "We got a shipment yesterday, which has masks, Personal Protective Equipment and ventilators" India in February sent 15 tonnes of medical assistance comprising masks, gloves and other emergency medical equipment to China. The assistance included 1 lakh pieces of Surgical masks, 5 lack pairs of Surgical gloves, 75 pieces of infusion pumps, 30 pieces of external feeding pumps, 21 pieces of the defibrillator and 4000 pieces of N95 mask. The total cost of these medical supplies was worth Rs. 2.11 crores. These supplies were delivered by an Indian Air Force C-17 special flight which landed in Wuhan, China and in return flight sent brought back many stranded Indians. Supplies were handed over to the Hubei Charity Federation in Wuhan, China.

Jack Ma Foundation sends masks, ventilators to India 

The founder of Alibaba group Jack Ma has announced that his foundation along with his company's foundation will donate much-needed medical supplies to 10 more countries in Asia to help the global fight against COVID-19 on Saturday.

Also read:&nbsp;<a href="https://www.wionews.com/world/alibaba-founder-jack-ma-begins-sending-coronavirus-testing-kits-masks-to-us-286832">Alibaba founder Jack Ma begins sending coronavirus testing kits, masks to US</a>

The Chinese business magnate took to social media to announce that the Jack Ma Foundation and Alibaba Foundation will donate 1.8 million face masks, 210,000 test kits, 36,000 protective clothing as well as essential medical equipment and supplies along with ventilators and forehead thermometers to to 10 Asian countries.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Go Asia! We will donate emergency supplies (1.8M masks, 210K test kits, 36K protective suits, plus ventilators &amp; thermometers) to Afghanistan, Bangladesh, Cambodia, Laos, Maldives, Mongolia, Myanmar, Nepal, Pakistan &amp; Sri Lanka. Delivering fast is not easy, but we'll get it done!
— Jack Ma (@JackMa) <a href="https://twitter.com/JackMa/status/1241222631895879680?ref_src=twsrc%5Etfw">March 21, 2020</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

These include Afghanistan, Bangladesh, Cambodia, Laos, Maldives, Mongolia, Myanmar, Nepal, Pakistan and Sri Lanka.

Watch: Ambani loses $5.6 Bn in a single day, no more Asia's richest man!

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/ambani-loses-56-bn-in-a-single-day-no-more-asias-richest-man-285491/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Earlier, Ma had made a similar gesture announcing the donation of one million face masks and 500,000 coronavirus testing kits to the United States.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Through a donation of 500,000 testing kits and 1 million masks, we join hands with Americans in these difficult times. <a href="https://t.co/tGviVhC6Gx">pic.twitter.com/tGviVhC6Gx</a>
— Jack Ma Foundation (@foundation_ma) <a href="https://twitter.com/foundation_ma/status/1238317660871393280?ref_src=twsrc%5Etfw">March 13, 2020</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Additionally, he had donated over one million masks to Japan and was trying to send one million masks to Iran.

Besides these regions, Ma has sent 1.8 million masks and 100,000 testing kits to Europe.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
From Hangzhou via Liege to Rome - medical supplies have reached their final destination and been handed over to the Italian Red Cross. Big thanks to everyone, and more masks and test kits are on the way. Let’s move faster than this virus. Vinceremo! <a href="https://t.co/qmbFFBXIS3">pic.twitter.com/qmbFFBXIS3</a>
— Jack Ma Foundation (@foundation_ma) <a href="https://twitter.com/foundation_ma/status/1239920432272138240?ref_src=twsrc%5Etfw">March 17, 2020</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

''United we stand, divided we fall'', announced Ma on Twitter. This is a popular quote by one of USA's founding fathers, Benjamin Franklin.

Across the world, over 11,000 people have died due to coronavirus,&nbsp;as per figures by Johns Hopkins University.

The founder of Alibaba group Jack Ma has announced that his foundation along with his company's foundation will donate much-needed medical supplies to 10 more countries in Asia to help the global fight against COVID-19 on Saturday.

The founder of Alibaba group Jack Ma has announced that his foundation along with his company's foundation will donate much-needed medical supplies to 10 more countries in Asia to help the global fight against COVID-19 on Saturday. Also read: Alibaba founder Jack Ma begins sending coronavirus testing kits, masks to US The Chinese business magnate took to social media to announce that the Jack Ma Foundation and Alibaba Foundation will donate 1.8 million face masks, 210,000 test kits, 36,000 protective clothing as well as essential medical equipment and supplies along with ventilators and forehead thermometers to to 10 Asian countries. Go Asia! We will donate emergency supplies (1.8M masks, 210K test kits, 36K protective suits, plus ventilators & thermometers) to Afghanistan, Bangladesh, Cambodia, Laos, Maldives, Mongolia, Myanmar, Nepal, Pakistan & Sri Lanka. Delivering fast is not easy, but we'll get it done! — Jack Ma (@JackMa) March 21, 2020 × These include Afghanistan, Bangladesh, Cambodia, Laos, Maldives, Mongolia, Myanmar, Nepal, Pakistan and Sri Lanka. Watch: Ambani loses $5.6 Bn in a single day, no more Asia's richest man! Earlier, Ma had made a similar gesture announcing the donation of one million face masks and 500,000 coronavirus testing kits to the United States. Through a donation of 500,000 testing kits and 1 million masks, we join hands with Americans in these difficult times. pic.twitter.com/tGviVhC6Gx — Jack Ma Foundation (@foundation_ma) March 13, 2020 × Additionally, he had donated over one million masks to Japan and was trying to send one million masks to Iran. Besides these regions, Ma has sent 1.8 million masks and 100,000 testing kits to Europe. From Hangzhou via Liege to Rome - medical supplies have reached their final destination and been handed over to the Italian Red Cross. Big thanks to everyone, and more masks and test kits are on the way. Let’s move faster than this virus. Vinceremo! pic.twitter.com/qmbFFBXIS3 — Jack Ma Foundation (@foundation_ma) March 17, 2020 × ''United we stand, divided we fall'', announced Ma on Twitter. This is a popular quote by one of USA's founding fathers, Benjamin Franklin. Across the world, over 11,000 people have died due to coronavirus, as per figures by Johns Hopkins University.

Coronavirus pandemic: Jack Ma and Alibaba group to donate supplies to 10 more Asian countries

The founder of Alibaba, Jack Ma has pledged to donate one million face masks and 500,000 coronavirus testing kits to the United States.&nbsp;

The billionaire took to Twitter to share the news and claimed that the kits and masks have been sourced.&nbsp;The first batch recently took off from Shanghai and shall be delivered soon.

"Drawing from my own country's experience, speedy and accurate testing and adequate personal protective equipment for medical professionals are most effective in preventing the spread of the virus," Jack Ma said in a statement.

&nbsp;"We hope that our donation can help Americans fight against the pandemic!", he added.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
The first shipment of masks and coronavirus test kits to the US is taking off from Shanghai. All the best to our friends in America. 🙏 <a href="https://t.co/LTn26gvlOl">pic.twitter.com/LTn26gvlOl</a>
— Jack Ma (@JackMa) <a href="https://twitter.com/JackMa/status/1239388330405449728?ref_src=twsrc%5Etfw">March 16, 2020</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Recently, US President Donald Trump declared a national emergency and freed up $50 billion in federal resources to contain and battle the coronavirus.

Earlier, Ma had donated over one million masks to Japan. Additionally, he has also been trying to send one million masks to Iran.

Also read:&nbsp;<a href="http://wionews.com/world/air-carriers-in-us-cancel-flights-amid-coronavirus-crisis-286750" hreflang="en">Air carriers in US cancel flights amid coronavirus crisis</a>

Besides these regions, Ma has sent 1.8 million masks and 100,000 testing kits to Europe. The first batch reached Belgium this week. He has also shown interest in donating to Italy and Spain, the other two countries facing extreme cases of the virus.

Interestingly, the world's largest supplier of face masks is also where the virus began. After that happened, China decreased face mask exports to the rest of the world, while at the same time absorbing the majority of the world supply.

''United we stand, divided we fall'', announced Ma on Twitter. This is a popular quote by one of USA's founding fathers, Benjamin Franklin.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Africa can be one step ahead of the coronavirus. To each of the 54 African countries, we will donate 20,000 test kits, 100,000 masks and 1,000 medical use protective suits and face shields. Thank you <a href="https://twitter.com/PMEthiopia?ref_src=twsrc%5Etfw">@PMEthiopia</a> <a href="https://twitter.com/AbiyAhmedAli?ref_src=twsrc%5Etfw">@AbiyAhmedAli</a> for your support. <a href="https://t.co/6oKptVCjNx">pic.twitter.com/6oKptVCjNx</a>
— Jack Ma (@JackMa) <a href="https://twitter.com/JackMa/status/1239581509125726210?ref_src=twsrc%5Etfw">March 16, 2020</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Across the world, over 6,500 people have died, as per figures by Johns Hopkins University.

Outside China, Italy reported the highest number of new cases in one day, which rose to over 3,590. Furthermore, 368 people have died in just the last 24 hours, which is being dubbed as the worst outbreak of the infection outside China.

Also read:&nbsp;<a href="http://wionews.com/south-asia/poverty-population-and-weak-healthcare-coronavirus-cases-on-the-rise-in-south-asia-286818" hreflang="en">Poverty, population and weak healthcare: Coronavirus cases on the rise in South Asia</a>

Currently, India has 114 confirmed cases. Out of these, 97 are Indian nationals, while 17 are foreigners. According to government sources, 13 people have been discharged, while two people have died.

(With inputs from agencies)

The founder of Alibaba, Jack Ma has pledged to donate one million face masks and 500,000 coronavirus testing kits to the United States. The billionaire took to Twitter to share the news and claimed that the kits and masks have been sourced.

The founder of Alibaba, Jack Ma has pledged to donate one million face masks and 500,000 coronavirus testing kits to the United States. The billionaire took to Twitter to share the news and claimed that the kits and masks have been sourced. The first batch recently took off from Shanghai and shall be delivered soon. "Drawing from my own country's experience, speedy and accurate testing and adequate personal protective equipment for medical professionals are most effective in preventing the spread of the virus," Jack Ma said in a statement. "We hope that our donation can help Americans fight against the pandemic!", he added. The first shipment of masks and coronavirus test kits to the US is taking off from Shanghai. All the best to our friends in America. 🙏 pic.twitter.com/LTn26gvlOl — Jack Ma (@JackMa) March 16, 2020 × Recently, US President Donald Trump declared a national emergency and freed up $50 billion in federal resources to contain and battle the coronavirus. Earlier, Ma had donated over one million masks to Japan. Additionally, he has also been trying to send one million masks to Iran. Also read: Air carriers in US cancel flights amid coronavirus crisis Besides these regions, Ma has sent 1.8 million masks and 100,000 testing kits to Europe. The first batch reached Belgium this week. He has also shown interest in donating to Italy and Spain, the other two countries facing extreme cases of the virus. Interestingly, the world's largest supplier of face masks is also where the virus began. After that happened, China decreased face mask exports to the rest of the world, while at the same time absorbing the majority of the world supply. ''United we stand, divided we fall'', announced Ma on Twitter. This is a popular quote by one of USA's founding fathers, Benjamin Franklin. Africa can be one step ahead of the coronavirus. To each of the 54 African countries, we will donate 20,000 test kits, 100,000 masks and 1,000 medical use protective suits and face shields. Thank you @PMEthiopia @AbiyAhmedAli for your support. pic.twitter.com/6oKptVCjNx — Jack Ma (@JackMa) March 16, 2020 × Across the world, over 6,500 people have died, as per figures by Johns Hopkins University. Outside China, Italy reported the highest number of new cases in one day, which rose to over 3,590. Furthermore, 368 people have died in just the last 24 hours, which is being dubbed as the worst outbreak of the infection outside China. Also read: Poverty, population and weak healthcare: Coronavirus cases on the rise in South Asia Currently, India has 114 confirmed cases. Out of these, 97 are Indian nationals, while 17 are foreigners. According to government sources, 13 people have been discharged, while two people have died. (With inputs from agencies)

Alibaba founder Jack Ma begins sending coronavirus testing kits, masks to US

Indian business magnate Mukesh Ambani has lost his position as the richest man in Asia after the oil magnate lost a whopping $5.8 billion dollars in a single day as the share price of his company Reliance Industries fell by 12 per cent on Monday.

<a href="https://www.wionews.com/business-economy/mukesh-ambani-becomes-poorer-by-over-rs-41-700-crores-after-sensex-crash-285284">Also Read: Ambani becomes poorer by over Rs 41, 700 crores after Sensex crash</a>

Reliance Industries is primarily engaged in oil refining and petrochemicals business. It took a direct hit&nbsp;as crude oil prices crashed on Monday.&nbsp;Oil prices&nbsp;fell&nbsp;by 30 per cent, its lowest in years following a price war&nbsp;between the two largest oil producers - Saudi Arabia and Russia.

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/ambani-loses-56-bn-in-a-single-day-no-more-asias-richest-man-285491/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The price war comes as a double whammy for the global economy already suffering due to the coronavirus.

Ambani's crown of the richest Asian has now gone to China's Alibaba founder Jack Ma.&nbsp;

The Alibaba group founder has a fortune of $44.5 billion dollars, a comfortable lead of about $2.6 billion over Mukesh Ambani's wealth.

While Jack Ma's Alibaba has also shed in value, the damage has been mitigated by increased demand for its cloud computing services and mobile apps.

<a href="https://www.wionews.com/business-economy/oil-takes-biggest-daily-dive-in-over-a-decade-as-russia-opec-split-284881">Also Read: Oil takes biggest daily dive in over a decade as Russia, OPEC split</a>

Mukesh Ambani's sources of wealth are multiple. He is the chairman and managing director Reliance industries limited. The company is the first-ever Indian company to have crossed a market cap of Rs 10 lakh crore. Currently, it is capped at just over Rs 7 lakh crores.&nbsp;

Mukesh Ambani currently holds 42 per cent shares in the company. The conglomerate is engaged in several businesses including retail, telecom, broadband, media and others.

However, the major chunk of Reliance Industries revenues comes from its operations in the oil and petrochemicals sector. The Mumbai-based company claims that it has the largest oil refinery complex in the world.

Their petrochemical and natural gas business is often used to support other subsidiaries of the conglomerate. However, in a pivot towards diversification and new businesses, Reliance Industries has piled on billions of dollars of debt over the years.

In order to clear off the liabilities, the company has entered into a deal with Saudi Aramco putting up 20 per cent of its shares for sale but the deal is on the back burner for now.

With oil consumption going down and prices also suffering, Reliance Industries was bound to take a hit.

After Monday's oil crash, Mukesh Ambani is now the nineteenth richest man in the world, just a spot below Jack Ma.

Indian business magnate Mukesh Ambani has lost his position as the richest man in Asia after the oil magnate lost a whopping $5.8 billion dollars in a single day as the share price of his company Reliance Industries fell by 12 per cent on Monday.

Indian business magnate Mukesh Ambani has lost his position as the richest man in Asia after the oil magnate lost a whopping $5.8 billion dollars in a single day as the share price of his company Reliance Industries fell by 12 per cent on Monday. Also Read: Ambani becomes poorer by over Rs 41, 700 crores after Sensex crash Reliance Industries is primarily engaged in oil refining and petrochemicals business. It took a direct hit as crude oil prices crashed on Monday. Oil prices fell by 30 per cent, its lowest in years following a price war between the two largest oil producers - Saudi Arabia and Russia. Watch Video: The price war comes as a double whammy for the global economy already suffering due to the coronavirus. Ambani's crown of the richest Asian has now gone to China's Alibaba founder Jack Ma. The Alibaba group founder has a fortune of $44.5 billion dollars, a comfortable lead of about $2.6 billion over Mukesh Ambani's wealth. While Jack Ma's Alibaba has also shed in value, the damage has been mitigated by increased demand for its cloud computing services and mobile apps. Also Read: Oil takes biggest daily dive in over a decade as Russia, OPEC split Mukesh Ambani's sources of wealth are multiple. He is the chairman and managing director Reliance industries limited. The company is the first-ever Indian company to have crossed a market cap of Rs 10 lakh crore. Currently, it is capped at just over Rs 7 lakh crores. Mukesh Ambani currently holds 42 per cent shares in the company. The conglomerate is engaged in several businesses including retail, telecom, broadband, media and others. However, the major chunk of Reliance Industries revenues comes from its operations in the oil and petrochemicals sector. The Mumbai-based company claims that it has the largest oil refinery complex in the world. Their petrochemical and natural gas business is often used to support other subsidiaries of the conglomerate. However, in a pivot towards diversification and new businesses, Reliance Industries has piled on billions of dollars of debt over the years. In order to clear off the liabilities, the company has entered into a deal with Saudi Aramco putting up 20 per cent of its shares for sale but the deal is on the back burner for now. With oil consumption going down and prices also suffering, Reliance Industries was bound to take a hit. After Monday's oil crash, Mukesh Ambani is now the nineteenth richest man in the world, just a spot below Jack Ma.

Mukesh Ambani loses crown of richest Asian to Alibaba founder Jack Ma

Due to the recent fall in oil prices, Mukesh Ambani, president of Reliance Industries, is no longer the richest person in Asia. According to reports, Chinese billionaire Jack Ma, the founder of e-commerce major Alibaba Group has pushed Ambani to take the top spot in Asia.

Ambani loses $5.6 Bn in a single day, no more Asia's richest man!

jack-ma

Jack Ma, News on Jack Ma, stories on Jack Ma, articles on Jack Ma, Jack Ma stories at Wion, Jack Ma news, Jack Ma latest news

jack ma