Published 11:42 IST, January 6th 2021
Jack Ma's whereabouts still uncertain; Chinese billionaire 'laying low', claim reports
After reports emerged about Chinese billionaire Jack Ma's 'mysterious disappearance', CNBC reported on Tuesday that the founder of Alibaba is "not missing"
- World News
- 3 min read
After reports emerged about Chinese billionaire Jack Ma's 'mysterious disappearance', CNBC’s David Faber reported on Tuesday that the founder of Alibaba is "not missing." According to a person familiar with the matter, Ma has been lying low, for the time being, Faber reported. Meanwhile, as per the Chinese Communist Party mouthpiece People's Daily, Ma is "embracing supervision at an undisclosed location", Hong Kong-based The Asia Times reported.
'There would be no Jack Ma era': CCP Mouthpiece
As per other media reports, China has a track record of not revealing information on arrests of big personalities, so
"embracing supervision" could well mean jail. A statement in a leading state media outlet said there would be no "Jack Ma era", and that reflects the current Chinese slogan that China is entering a ‘new era.’ The People's Daily Online said in November: "Ma Yun is savvy, but without the support of national policies, Alibaba will not be able to become a trillion business empire, and Ma Yun cannot have the influence and popularity today."
A commentary in Netease went further. "On November 3, the listing plan of Ant Group was suspended. Jack Ma, who 'dislikes money', not only lost the best chance of becoming the world's richest man, but even the reputation he had accumulated over many years collapsed almost overnight, and he was no longer a kind 'Father Horse'. Instead, he became the evil 'vampire' in people's hearts," it said according to Asian Times.
Jack Ma also failed to appear as scheduled in the final episode of his own talent show, Africa’s Business Heroes, which gives budding African entrepreneurs the chance to compete for a slice of US $1.5 million. He last tweeted on 10 October last year.
Jack Ma was supposed to be part of the show's judge panel, but was replaced by an Alibaba executive in the November final, UK’s Telegraph reported. His picture was also taken off the website. According to Financial Times, an Alibaba spokesperson said Ma was unable to take part in the judging panel "due to a schedule conflict." The 56-year-old hasn't been seen publicly after officials hit back at him following an October speech in which he complained at a business conference that China's regulators and state-run banks are hampering opportunities.
Chinese regulators order Ant Group to rectify its businesses
In November, officials in Beijing reprimanded Ma and suspended the $37billion initial public offering of his Ant Group on the direct order of President Jinping, the Wall Street Journal reported. He was then advised to remain in China before launching an anti-monopoly investigation into his Alibaba Group Holding on Christmas Eve, according to Bloomberg.
As per the Associated Press, the moves are part of the Communist Party's efforts to curb the influence of tech companies as they move into the financial services sector during a time when Beijing is seeking to reduce financial risks. Chinese regulators also ordered Ant Group, the world’s largest financial technology company, to rectify its businesses and comply with regulatory requirements amid increased scrutiny of anti-monopoly practices in the country’s internet sector.
Updated 11:43 IST, January 6th 2021
