Alibaba and Ant co-founder Jack Ma has resurfaced after months out of public view, quashing intense speculation about the plight of the billionaire grappling with escalating scrutiny over his Internet empire.
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The Trump administration is considering adding tech giants Alibaba and Tencent to a blacklist of firms allegedly owned or controlled by the Chinese military, two people familiar with the matter said.
Tencent joined much of China’s Internet sector in a $290-billion selloff on Wednesday after Beijing signalled its strongest intentions yet to rein in Big Tech. Yet it’s in some ways better shielded than its peers.
China’s move to halt Ant Group’s massive stock debut could reduce the fintech giant’s value by as much as $140-billion, according to analysts’ revised estimates.
The mid-level bureaucrats left China’s richest man waiting as they prepared for a meeting that would send shockwaves across the financial world.
The shock suspension of Ant Group’s $35-billion initial public offering is just the beginning of a renewed campaign by China to rein in the fintech empire controlled by Jack Ma.
Four Chinese regulators invited billionaire Jack Ma and Ant Group’s top executives to a supervisory interview on Monday, a rare meeting that underscores rising government scrutiny of the company.
Ant Group may not be a household name in most of the world, but the Chinese fintech behemoth controlled by Jack Ma has set off an investor frenzy for the history books.