Monday, January 18, 2021
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Jack Ma loses nearly $ 11 billion as Beijing intensifies scrutiny of his business emporium


The #Chinese tech mogul began to see his fortune reduced in #November, when the #Asian country’s regulators suspended the IPO of his fintech company #Ant #Group.

The net worth of #AliExpress founder #Jack #Ma fell to $ 50.9 billion from its peak of $ 61.7 billion reached earlier this year, according to the #Bloomberg #Billionaires #Index. The loss of almost $ 11 billion put him in the position 25 on the list of the 500 richest people in the world and fourth among #China’s billionaires.

The 56-year-old businessman began to see his fortune reduced in #November, when #Chinese regulators suspended the IPO of his fintech company #Ant #Group, owner of the #Alipay payment service and a subsidiary of the #Alibaba consortium. The failed IPO – which could have been “the largest in history” – sent #Alibaba shares plummeting. #Alibaba, also founded by #Ma, owns about 33% of #Ant #Group.

#Rigorous scrutiny

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#Since then, both companies have faced more rigorous scrutiny from #China’s regulators. #Last week, the country’s antitrust agency opened an investigation into #Alibaba for alleged monopolistic practices that would force merchants to sell their products on #Alibaba and avoid rival platforms. #Shares in the company fell again on the news, but it has managed to reverse some of the losses since then.

#For its part, #Ant #Group was convened last #Saturday by the #People’s #Bank of #China and other regulatory agencies. #After the meeting, the company was instructed to control the expansion of its services to avoid greater financial risk and to “go back to its roots of electronic payments.” #In addition, it was required to avoid irregular competition, protect the privacy of clients when offering financial services, as well as rectify any irregularities in its insurance, wealth management and credit businesses.

#Despite #Beijing’s attempts to tighten control over the domestic fintech industry, the #Chinese tech moguls significantly increased their fortunes this year. #Even with the recent losses, #Ma’s fortune increased by $ 4.3 billion relative to 2019, while the net worth of the 21 #Chinese tech billionaires included in the #Bloomberg index grew by $ 187 billion.

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[ source link ]
https://actualidad.rt.com/actualidad/378546-jack-ma-perder-11000-millones-china-escrutinio-imperio

##Jack #loses #billion ##Beijing #intensifies #scrutiny #business #emporium

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