(Dan Tri) – While Chinese billionaire Jack Ma’s business empire continued to expand its influence, a series of events forced the empire to restructure and Jack Ma chose to live in seclusion.
Billionaire Jack Ma (Photo: Reuters).
A year ago, Jack Ma, founder of e-commerce group Alibaba, was still the richest person in China.
However, the incident at the end of last year caused Jack Ma’s assets to plummet, and his business empire was shaken up.
IPO shock
The initial public offering (IPO) of Jack Ma’s financial company Ant Group worth $37 billion was expected to set a world record last October.
However, this deal was suddenly `whistle-blowed` by Chinese authorities at the last minute.
The huge IPO deal of Ant Group founded by Jack Ma was suspended at the last minute (Photo: Getty).
The company is `divided by 5, divided by 10`
After the IPO shock, Ant Group was forced to restructure.
Ant Group’s most valuable assets also fell under `target`, including data from billions of consumer transactions that the company has processed.
Of course, it cannot avoid the command `to rectify`.
Disable Ant Group’s money market fund
Ant Group’s money market fund is arguably the most explosive success story yet.
However, since falling into the `target`, the size of Ant Group’s money market fund has shrunk to its lowest level in more than 4 years as consumers massively withdrew money from this fund because of concerns about risks from
Record penalty
Alibaba has been in the `sight` of Chinese market regulators since the end of last year (Photo: Reuters).
In April this year, Chinese regulators imposed a record fine of 2.8 billion USD on Alibaba for allegedly violating anti-monopoly laws.
Although the penalty is somewhat lighter than Alibaba’s prediction, what worries the leaders of this business empire is whether the storm has passed or not.
Other penalties
In addition to `shocking` punishments, Chinese authorities also imposed small penalties that still had more or less impact on Jack Ma’s empire.
In April, Chinese authorities continued to announce an investigation into Ant Group’s transactions with the Shanghai stock exchange to examine how a series of state funds and home insurance companies
Closed Hupan University
In April this year, Jack Ma was relieved of his position as principal of Hupan University, a school founded by this billionaire in 2015 in Hangzhou city.
However, in a move believed to be aimed at curbing Jack Ma’s influence, China has asked Hupan to stop enrolling students from April this year.
Huarong
Chinese media recently reported that regulators in this country have approved Ant Group to establish a new financial company, which will operate Ant Group’s most profitable segment, consumer lending.
