Jack Ma, the founder and former CEO of Alibaba, is in trouble with the government at home. Big trouble. Last week, Chinese regulators pulled the plug at the very last minute on Alibaba’s blockbuster $34 billion IPO of its financial unit Ant Group after Ma openly criticized the country’s banking sector.
There’s some speculation that powerful interests in the Chinese financial services industry took advantage of Ma’s comments to quash the Ant IPO that they see as a serious competitive threat.
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