2023-07-15 22:06:12
The most famous Chinese businessman and technology magnate, Jack Ma, co-founder of the “Ant” technology group and founder of “Alibaba” for online retail, is still suffering the consequences of his dispute with the Chinese authorities, following he criticized some of its economic policies, but there are recent developments that indicate This suffering is nearing an end, according to a report published by the British “Business Insider” website.
However, the end of the suffering will not be without a huge financial loss that complements the series of losses incurred by Ma, since the beginning of his dispute with Beijing. The report stated that the Chinese Central Bank announced the day before yesterday that it imposed a fine of 7.12 billion Chinese yuan ($985 million). On the “You” group, which operates the “Alipay” smart application for making payments.
The campaign of harassment that has been going on for years once morest “Ma” and his companies, which the Beijing government is waging as a form of disciplinary action once morest him following criticizing them, has led to heavy losses, whether in the value of his personal wealth, or in the market value of the companies in which he owns stakes.
For example, “Alibaba”, the famous e-shopping company, and the main company that he co-founded within the “You” group, witnessed a massive decline in its market value amounting to 45%, or $ 620 billion, since the value of its shares reached its peak in 2020. According to accounts published by Bloomberg News.
The value of the “Ant” group is now estimated at regarding $ 78.5 billion, which means that it has suffered a sharp deterioration in its market value, amounting to 75%, compared to $ 315 billion, which is its market value in the initial public offering that the group conducted for its shares before the Beijing regulatory campaign that was launched in 2020.
This means that the market value of the “You” group and its main company, “Alibaba”, have lost together more than $ 850 billion since Beijing began its strict measures once morest “Ma” and his companies. As a result, the value of personal wealth owned by “Ma” declined from $61 billion in October 2020 to $34.1 billion, according to the latest data shown by the “Bloomberg Billionaires Index.”
In addition to the decline in the value of Ma’s personal wealth and the sharp deterioration in the market values of his companies, his level of activity in public life has also declined significantly for more than two years.
Ma angered the Chinese authorities following giving a speech in October 2020 in which he criticized the Chinese system of financial regulations. The angry reaction from Beijing was not long in coming, as it soon launched an intense regulatory scrutiny of his business, including the You Group and Alibaba, as well as a broader crackdown on technology companies in China in general.
Ma was seen on the streets of the capital, Bangkok, last January, when he visited a restaurant that serves street food and won a Michelin star, then watched a match in the Muay Thai combat game, and then appeared in Hong Kong in the same month. Last March, Ma visited a school he founded in his hometown of Hangzhou, eastern China.
In April, he was awarded the title of Honorary Professor at the University of Hong Kong. In May, Ma took up a teaching position in Japan, one of the first public positions he has held since he disappeared from the spotlight in 2020. Last month, Ma attended the finals of the Alibaba World Mathematics Competition in Hangzhou, where he is located. The company’s headquarters.
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