Two weeks ago, Jack Ma somehow found the time to opine on China’s banking system at a high-profile financial forum in Shanghai, once again throwing himself into the eye of the storm. That’s now costing him big time.
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Ant Group’s $37-billion listing has been suspended in both Shanghai and Hong Kong in a dramatic move just two days before what was set to be the world’s largest-ever stock market debut.
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.
There’s no shortage of superlatives for Ant Group’s initial public offering. Here’s a look at some of the key metrics, and why billionaire Jack Ma seems to be such a fan of the number eight.
Ant Group plans to increase the valuation target for its initial public offering to at least $280-billion due to strong demand. That would make it worth more than three times US banking giant Citibank.
Just as the Chinese duo of Jack Ma and Pony Ma have carved up major chunks of their country’s Internet businesses, the battle for control of 1.3 billion Indians’ data could become a two-horse race.
Alibaba Group co-founder Jack Ma has cut his stake in the company over the past year to 4.8% from 6.4%, cashing out around $9.6-billion at its current share price.
Alibaba Group will invest $28-billion on cloud infrastructure such as data centres over the next three years, a major effort to extend one of its fastest growing businesses to more countries.
Jack Ma, the co-founder of Alibaba Group, said African entrepreneurs will find countless opportunities in e-commerce, logistics and e-payments as the continent prepares for the start of a free-trade deal.