Behind the Fall of “Papa Jack Ma”

The New York Times: Behind the Fall of “Papa Jack Ma”

“Papa Jack Ma,” once regarded as a representative of China’s economic development and a model entrepreneur, encountered interviews, suspension of IPOs, and antitrust investigations in less than a year.

Behind this series of changes is the increasing gap between the rich and the poor in China and the blocking of opportunities for the rise of the “back wave”.

Today, China has more millionaires than the United States and India combined, but China’s consumption in the first November of this year has fallen by 5%, while luxury goods consumption has increased by 50%.

Prior to this, Jack Ma had maintained his good entrepreneurial image through some charitable actions, but sometimes he would cleverly challenge the regulatory authorities.

For example, when Alipay was under control, it said that “Alipay is a glorious defeat, but it is still alive”. In 2010, it said that “As long as the country needs it, Alipay will hand it over to the country at any time.”

People familiar with Jack Ma revealed that this statement is very “Ma Yun” and cannot be taken seriously.

Now, it seems that China is becoming more vigilant about the monopoly held by Alibaba and Tencent. In the future, companies such as ants that have a lot of important data are likely to face stricter supervision.

Jack

Reuters: Brexit agreement has no progress for the UK financial industry
On Christmas Eve, the United Kingdom and the European Union finally signed a 500-page Brexit agreement, laying the foundation for a new era of bilateral economic and trade relations.

But the agreement does not involve the service industry, which accounts for 80% of the British economy, including financial services.

Therefore, the UK financial industry has to wait and see whether the EU will allow financial companies to directly provide services to customers in EU member states through London.

This uncertainty has caused a group of financial institutions to divert employees and business from London to the European Union.

UK

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