Ant Group’s leader jack Ma has been left out of the entrepreneurial list published by the state media of China. The list came out on Tuesday. It shows how much the relationship between the company and the administration has worsened.
The Alibaba co-founder Ma has been idolized in the country for founding such a huge corporation. He did not get included in the Shanghai Securities News front that sheds lights on the leading technology news. The Chinese paper gave preference to his rival, the founder, chairman, and chief executive officer Pony Ma. The Chinese official newspaper described him as ‘rewriting the mobile age’. They also placed and Huawei Technologies Co.’s Ren Zhengfei, BYD Co. Chairman Wang Chuanfu, and Xiaomi Corp. co-founder Lei Jun in their list.
In the front-page article of Shanghai Securities News, there was no mention of Jack Ma or his Alibaba Group. The others were praised for their contribution to the country’s technology field.
The article was released at the time when Alibaba Group Holding Ltd is about to release the reports of its quarterly earnings. The company has still not commented on the matter.
The brief article has lessened the fear of Tencent getting involved in a broader industry crackdown by focusing solely on Ma and his Ant Group and Alibaba Group. The government authorities have taken steps to cut the extensive amount of power that the private technology corporations hold in every aspect of day to day life in the country. The matter is explained with the example of Tencent’s messaging service WeChat. After the article was published, the stakes of Xiaomi and Tencent was increased by over 2% on Tuesday.
Jack Ma recently expressed his raw thoughts on the Chinese regulatory system in a speech on October 24th. As a result, Ant Group’s $37 billion IPO was suspended few days before the fintech giant’s listing.
Since then the Chinese regulatory has begun their anti-trust probe against the tech sector in the country. Alibaba was their main target. The regulators are also considering taking more severe action against the organization.
Ma’s sudden disappearance from the public eye for nearly three months has prompted many rumors. He has recently made his first public appearance in January after being hidden from the media in a 50-second long video.
His disappearance was caused by the strict approach taken by the Chinese regulators against the Ant Group that ruined its record $35 billion initial public offerings by launching an investigation against the e-commerce giant.
Shanghai Securities News backed by the official Xinhua News Agency reported that some of the entrepreneurs of the country that they have applauded before has been acting like ‘reckless heroes’. They have been trying to break free of the conventional economic system of the country and they are now the leader of the ‘group of companies that respected the rules of development and abided by market rules.’
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