The Chinese government blocked the ग्रुप 37 billion IPO of Ant Group, the company of billionaire Jack Ma, at the end of last year.
(Jack Ma) file photo
The Chinese government blocked the ग्रुप 37 billion IPO of Ant Group, the company of billionaire Jack Ma, at the end of last year. It was said at the time that Jack Ma criticized the country’s economic system, causing him trouble. But it seems that the real reason was something else, due to which the Chinese government had to block the world’s largest IPO.
According to a report by The Wall Street Journal, the Chinese government was deeply concerned about the complex ownership of the Ant Group. The government had doubts as to who would benefit from this IPO. There were many people who invested in this company. Which has a deep connection with the power of China. In which many had connections to political families. This could become a challenge for President Xi Jinping and those close to him.
Who are the ant group investors?
Ant Capital also includes Buu Capital. The private equity fund was founded by Jiang Zicheng, the grandson of former leader Jiang Zemin. Many of Jiang’s colleagues lost much in Xi Jinping’s anti-corruption campaign, but it is still indirectly strong. Jack Ma, co-founder of Ant Group and Alibaba Group Holdings Limited, had been missing for months and rumors were circulating about him. But recently he was seen playing golf. Earlier, one of his videos surfaced on 20 January. Investors breathed a sigh of relief after getting a glimpse of him. But speculation continues over his relationship with the Chinese Communist Party. This is because the government is constantly taking action on their business.
Jack Ma’s troubles
Jack Ma’s troubles began on October 24 last year. When he criticized the country’s regulatory system in a speech. Ant Group had to withdraw from the IPO a few days before starting its business in Hong Kong and Shanghai. The Chinese government launched an anti-trust investigation into the tech sector, which had the most impact on the Alibaba Group. As a result, the aunt group had to change its business structure and Jack Ma disappeared for 3 months.
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