In recent times Chinese billionaire and founder of leading Chinese e-commerce company Alibaba Group Holding Ltd. (BABA) Jack Ma has been at loggerheads with the Chinese authorities following some fall out.
The Chinese government has slapped Alibaba with a record antitrust fine totaling to 18 billion yuan ($2.75 billion) a development which for sure will shake Jack Ma and his successful business empire.
Jack Ma has rarely mad any public since October after making a public speech in which he blasted the Chinese regulatory system. Ma has been tackling prominent and high ranking officials in the Chinese government. head on.
The Chinese authorities have let these attacks from Jack Ma go unanswered, market regulators blocked what was set to become largest Chinese initial public offering in which Alibaba’s backed tech company Ant Group was to go public in a $37 billion IPO.
Chinese market regulator said among the reasons it suspended Ant Group’s IPO is because the Fintech had continued to lend clients cash whereas flaunting rules. The authorities have also clumped down some of Alibaba’s operations.
According to chairman of Beijing-based tech consultancy BDA China, Duncan Clark, Jack Ma is to blame for the woes befalling him.
“Entrepreneurship has to be disruptive. But being provocative to the government has its limits. But for Ant and Jack, there’s no line drawn yet,” said Clark.