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Hello friends, you may be surprised, why Jack Ma, the owner of the company that was once the largest in China, is a lever for the development of the Chinese economy, without breaking the law, but was suddenly taken down by the Chinese government. What is the root cause? Let's find out in today's video.

First of all, let's take a look at the person Jack Ma. Jack Ma is the richest man in China, he used to be the founder of the big technology company Alibaba and opened Ant Group which is also the largest financial technology group in the world. His empire had attained enormous power comparable to the giants of the West.

 

Alibaba's value at times surpasses that of nearly all American companies, trailing only Apple, Amazon and Google.

 

In terms of fame, Jack Ma is like a global star, the most famous Chinese. The two companies founded by Jack Ma are like a symbol of creating a Jack Ma era, according to Chinese media acclaim.

 

But along with success, Jack Ma also became more and more confident and became bolder. He has pushed for strong propaganda about Alipay, an online payment service created for the e-commerce platform Alibaba, even as the service threatens the dominance of China's state-owned banks.

 

It is not surprising that because Jack Ma's success is due to his aim to modernize and bring technology to life, so his calculations are somewhat contrary to the activities of the current government, which are quite slow and outdated. Jack Ma sees many limitations in the way state agencies operate and that is the basis for the rift between Jack Ma and the government. However, there are two prominent events that are said to clearly show Jack Ma's opposing views with the Chinese government.

 

The first was in September 2015, at the summit between the leaders of the US and China, with the participation of the heads of large businesses of two countries, among them are Jack Ma. Each person was given three minutes to speak that day, and most people completed their speech within the allotted time except for Jack Ma.

 

He spent up to 10 minutes talking about how China sees the world and what measures Chinese companies can take to improve US-China relations. However, this was the last time Jack Ma was invited to speak to others before Chinese leaders.

 

And for the second time, Jack Ma officially confronted Mr. Xi. It was in October 2020, at the second Shanghai Financial Summit, billionaire Jack Ma spent up to 20 minutes talking about restrictions in government operations.

 

At the time, he criticized Chinese banks for operating with a pawnshop mentality, referring to a system that relies solely on collateral when making loans, which puts some companies under a great deal of pressure to mortgage all they have. Not only that, he also believes that the government is holding back efforts to innovate, using train station management to operate the airport in a time when the world enters the electronic finance.

 

And it was this speech that made Jack Ma's future extinguished because Mr. Xi Jinping decided to give Jack Ma and all the leading Chinese technology companies a lesson so that they would understand that "they can't be above the government, no matter how powerful they are, the state is still first". So what happened?.

 

First, you may not know that at that time billionaire Jack Ma was preparing for the IPO of Ant Group, the largest financial technology company on the planet. If you do not understand what is an IPO? I would like to briefly explain, that is the official act of offering shares listed on the stock exchange. After the IPO, people can buy shares of Ant Group Company on stock exchanges. And if haven't IPO, you will never see shares of this corporation, simply because they are not listed on the stock exchange.

 

And talking about Ant Group, if the IPO is successful, it will become the largest IPO on the planet with a company value of at least 300 billion dollars, before that the largest IPO also belonged to Alibaba of Jack Ma.

 

However, unfortunately because of this speech, the Chinese government canceled the IPO of Ant Group and put it under the management of the central bank.

 

Accordingly, Ant Group will be gradually phased out when the internal financial sectors are restructured to operate with new partners. The most valuable assets of Ant Group have also been noticed, which is customer data from billions of transactions performed. This huge data block is a huge competitive advantage that Ant has to easily overcome traditional banks in making credit lending regulations, technology experts say.

 

Ant Group is required to give up information monopoly with huge amount of customer data, according to a report by the Central Bank of China. After dealing with Ant Group, China also took action with leading technology corporations, including Jack Ma's Alibaba, which was fined up to $ 2.8 billion for allegedly violating antitrust regulations. Alibaba's stock has also since started to plunge, losing nearly half of its value, making Alibaba disappear from the ranking of the top 10 largest companies in the world and blow away $ 37 billion in Jack Ma's fortune.

 

In the past we saw the media constantly reporting on Jack Ma's philosophies as a driving force for the young generation to develop, but now we see him almost no longer appearing on television. So Jack Ma's idea of going further was extinguished, as a result of the battle between Jack Ma and Mr. Xi Jinping. Do you support Jack Ma or China? Let's discuss together. Thank you for watching the video, goodbye and see you again.