Chinese billionaire Jack Ma is not included in the list of Chinese entrepreneurial leaders published by state media. This can also be interpreted as a signal of how much Beijing dislikes Alibaba’s founder.
In an article published by the Shanghai Securities News on Tuesday (2/1/2021) there was no name Jack Ma. In contrast, Ren Zhengfei of Huawei Technologies, Lei Jun of Xiaomi Corp, and Wang Chuanfu of BYD, an electric vehicle company, were praised for their contributions.
Jack Ma Disappeared from the Public for Three Months
Jack Ma’s “unlucky” fate actually occurred when he criticized China’s regulatory system in October 2020. He was missing for nearly three months, after virtually reappearing at the end of January.
Not active on Twitter, he also did not appear on the reality show program where he guest starred on South African (South African) television.
Wild issues emerged. Starting from him being kidnapped, imprisoned until he died.
Ma bak was lost to the earth after making scathing comments to China’s financial system. Ma publicly criticized the financial system regulators and state banks in a public discussion in Shanghai.
One of China’s richest men called for reforms to a financial system that “stifles business innovation” and likens China’s current banking regulations to a “parent club”. Ma also said Bank China operates with a “pawnshop” mentality, as reported by Reuters.
His criticism was considered to attack the authority of the Communist Party. The impact is a tough crackdown on Alibaba’s Fintech business, Ant Group.
Citing the Wall Street Journal in November 2020 from local official sources, President Xi Jinping finally ordered Chinese regulators to carry out an investigation into Jack Ma’s company.
This led to the cancellation of the IPO of its fintech company, Ant Financial, for alleged violations. Simultaneously the government is also investigating Alibaba for the alleged monopoly.
Meanwhile the Shanghai Securities News said many businessmen were once praised for behaving like “reckless heroes”. Although it is unclear whether this was directed at Jack Ma or not, the media said there were attempts to break away from China’s economic system which it claimed was “old and rigid”.
The list now contains “a group of companies that respect building codes and adhere to market rules.”
Read now: Three Important Lessons from Jack Ma for Entrepreneurs
