ANI
30 Nov 2022, 14:55 GMT+10
London [UK], November 30 (ANI): Top Chinese billionaire Jack Ma and founder of e-commerce giant Alibaba, has been living in central Tokyo for almost six months, according to a report by the British daily Financial Times.
Ma, who was once the richest business leader in China, shifted to neighbouring Japan, amid the Chinese government's crackdown on the country's technology sector and its most powerful businessmen, the report adds.
Ma vanished from the public eye after he slammed Beijing Chinese regulators in 2020, accusing the state banks of having a "pawnshop mentality". He even called for the introduction of bold new players that could extend China's credit to the collateral poor.
After the criticism, Ma's Ant group and e-commerce giant Alibaba faced a series of regulatory hurdles.
According to the Financial Times report, Chinese regulators called off Ant's blockbuster USD 37 billion initial public offering and fined Alibaba a record USD 2.8 billion for antitrust abuses last year.
In another report titled "CCP's intimidating tactics against Technocrats and Big Businesses in China", another publication Financial Post, said that the Chinese communist party in their quest to intimidate large-scale businesses and their founders.
The party-cum-state, has begun its long-awaited crackdown on big businesses that refused to endorse the Party's repressive policies, the report adds.
It says the situation of Jack Ma is telling of the CCP's tactics of intimidation through coercive means. According to the report, this has invariably caused fear amongst other business owners that had previously raised similar concerns.
Pursuing the same method, China recently initiated a revision of Chinese law deeming certain practices deployed by large platforms such as Alibaba, Tencent, amongst others as illegal.
The Chinese Communist Party (CCP) is reportedly in the process of imposing a USD 1 billion penalty on the degraded Chinese firm, making it the largest regulatory fine to ever be imposed, according to Financial Post. (ANI)
Get a daily dose of China National News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to China National News.
More InformationWASHINGTON D.C.: The US House of Representatives has passed a bill that limits the ability of US Energy Secretary Jennifer ...
BOSTON, Massachusetts: Russian businessman Vladislav Klyushin, who has ties to the Kremlin, has been accused of making tens of millions ...
TOKYO, Japan: In light of a tense security environment following Russia's invasion of Ukraine and Moscow's growing military cooperation with ...
DALLAS, Texas: Oil and gas pipeline operators are preparing to stockpile equipment following severe weather forecasts for the next few ...
WASHINGTON D.C.: As US lawmakers investigate the Chinese-owned video-sharing app TikTok, its Chief Executive, Shou Zi Chew, has confirmed that ...
TEHRAN, Iran: A gunman this week stormed the Azerbaijan Embassy in the Iranian capital, Tehran, and killed its security chief ...
TOKYO, Japan: In light of a tense security environment following Russia's invasion of Ukraine and Moscow's growing military cooperation with ...
BEIJING, China: As COVID-19 restrictions and a slowing economy curbed consumer demand in 2022, China's smartphone sales witnessed a record ...
MANILA, Philippines: In an effort to attract more tourists, President Ferdinand Marcos has approved a value-added tax refund program for ...
MANILA, Philippines: After a Filipina domestic worker was killed and dumped in the desert in the oil-rich emirate of Kuwait, ...
SEOUL, South Korea: South Korean officials have said that the government will double energy vouchers and provide discounts on gas ...
WASHINGTON D.C.: The US State Department has said that in the latest fiscal year, US military equipment exported to foreign ...