Regulators recently interviewed 13 Chinese Internet financial giants following a third interview of Ant Group. A China observer said power struggles inside the Chinese Communist Party (CCP) are behind these interviews. Among other issues, supervision of the shareholding structure and capital was reportedly emphasized in the interviews. Four Chinese financial regulators, including the People’s Bank of China,…
13 Chinese Internet Financial Giants Interviewed Amidst a CCP Internal Power Struggle
Chinese Regime Clamps Down on 13 Tech Giants
On April 29, 13 internet platform providers engaged in finance services were summoned to a meeting in Beijing with regulators, the latest in a series of meetings aimed at tightening control over its homegrown internet giants. WeChat operator Tencent Holdings Ltd. and the on-demand delivery giant Meituan are among those tech firms which offer financial…
Jack Ma Was Right When He Said, “Chinese Entrepreneurs Really Don’t End up Well”
“Chinese entrepreneurs really don’t end up well.” This statement, made 10 years ago by Jack Ma the founder of Alibaba Group, recently went viral on the internet. It seems that Ma’s casual but ominous words have come true, and his current situation is a true reflection of what he said at that time. On April…
Heed Lessons From Alibaba Case, Chinese Regime Warns 34 Tech Giants
Thirty-four of China’s tech giants were summoned to a meeting in Beijing on April 13 with the Chinese regime’s top regulators, days after it imposed a record $2.8 billion fine on e-commence giant Alibaba. During the meeting hosted by the State Administration for Market Regulation (SAMR), the Office of the Central Cyberspace Affairs Commission, and…
China’s Ant Group CEO Leaves After Failed IPO Prompts Revamp
China’s Ant Group Chief Executive Officer Simon Hu has unexpectedly resigned amid a regulatory-driven overhaul of the financial technology giant’s business, the first top management exit since a scuppered $37 billion initial public offering. Hu, who was named chief executive of the Alibaba Group Holding affiliate in 2019, will be replaced by company veteran and…
Chinese Political Conflicts Spread Into Economy
Families of China’s leader Xi Jinping and a rival faction led by former leader Jiang Zemin have been involved in business conflicts, leading to speculation that there are warring factions within the CCP. As a one-party state, the Chinese Communist Party (CCP) monopolizes power in China. The leadership, however, is not monolithic. After taking office,…
Jack Ma Loses Title As China’s Richest Man, Slips to 4th Spot
March 5, 2021
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Jack Ma, the founder of China’s Alibaba and Ant Group, has received a lot of attention in recent months, after his empire came under regulatory scrutiny. Ma no longer holds the top spot for China’s richest man in 2021 in the Hurun Global Rich List. In addition, no real estate developers ranked among China’s top…
Foreign Investors Left in the Dark After Ant Group’s Scuttled IPO
News Analysis Early investors in China’s fintech giant Ant Group thought they were in line for a massive pay day, until that all evaporated within days as Ant’s much-anticipated IPO last year was suddenly scuttled by Chinese regulators. Venture capital and private equity firms such as Silver Lake and Carlyle Group believed they had a…
Ant Group’s Scuttled IPO Leaves Foreign Investors in the Dark
News Analysis Early investors in China’s fintech giant Ant Group thought they were in line for a massive payday, that is, until Ant’s highly anticipated initial public offering last year was suddenly scuttled by Chinese regulators. Venture capital and private equity firms such as Silver Lake and Carlyle Group believed they had a winner in…
China Insider: Ant Group Subjected to CCP’s Financial Regulation
January 7, 2021
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Ant Group, a subsidiary of China’s e-commerce giant Alibaba, has recently been repeatedly summoned to a meeting with the four major financial regulators of the Chinese Communist Party (CCP). The central bank of the CCP has also come forward to accuse Ant Group of arbitrage violations and asked the group to rectify them. The central…
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