Jack Ma Vs Xi Jinping
The Multinational company Alibaba Group Holding limited also known as Alibaba group and alibaba.com is now facing challenges in its company’s initial public offering. The founder of Alibaba Group Holding limited Jack Ma who is a Global ambassador for Chinese business was ranked 21st in the list of World’s most powerful people according to Forbes. The President of the People’s Republic of China Xi Jinping has ordered to suspend the IPO( initial public offerings) of Alibaba Group Holding limited. The $37 billion initial public offering suspended on a personal order was due to the speech given by Jack Ma at the bund financial forum in Shanghai.
Ant group which is also known as Ant financial group and Alipay is an affiliate e-commerce company of the Chinese company” Alibaba Group Holding limited”.
The World’s largest public share sale which was expected to be issued by Ant financial Group/ Alipay was suspended by the Chinese State authorities. Jack Ma gave his speech in bund financial forum in Shanghai a few days after the approval for listing was received by Ant financial group. The financial e- commerce giant which would have been the World’s biggest was set to go public but was unfortunately halted by Chinese President Xi Jinping.
Jack Ma criticized the Chinese Government’s restrictions in financial regulations. He said it was to hold back technological development. Being the co-founder of one of the biggest Chinese multinational technological company with specialization in e-commerce, internet, retail and technology Jack Ma said he wanted to give more exposure to innovation. Jack Ma also quoted the country’s President Xi Jinping’s saying ” success does not have to come from me” and said he wanted to solve China’s financial problems by giving more importance to innovation. The Chinese company that got approved previously was stopped from issuing by the regulator on Xi Jinping’s orders. Analysts view this as a clash between the China’s second wealthiest person and the multinational technological company founder Jack Ma and Chinese President Xi Jinping who has served as General secretary of the Chinese Communist party (CCP)