China’s 4 major financial managers suddenly interviewed Jack Ma and other ant bigwigs triggering market shock or because of the hard bar Wang Qishan?

The People’s Bank of China (PBOC), China Banking and Insurance Regulatory Commission (CBIRC), China Securities Regulatory Commission (CSRC) and State Administration of Foreign Exchange (SAFE) today conducted regulatory interviews with Jack Ma, the de facto controller of Ant Group, Chairman Jing Xiandong and President Hu Xiaoming, according to the official website of the CSRC. The interviewing parties made no announcement about the motives for interviewing Ma and others, which official Chinese media said had triggered market shock.

The Central News Agency reported today that Jack Ma was interviewed by China’s financial regulator on the eve of Ant’s IPO. The CSRC did not say why Ma and others were interviewed, but Ma had openly criticized China’s financial regulatory system last month on April 24 and was interpreted as a hard barb against Chinese Vice President Wang Qishan, the news agency said. China’s four major financial regulatory departments at the moment big action joint interview, is bound to impact the ant 5 days listing.

Alibaba’s stake in the Ant Science and Technology Group’s initial public offering (IPO), recently received an unprecedentedly warm response from the market, will be listed on the 5th simultaneous in Shanghai, Hong Kong, plans to raise about $34.4 billion, the scale of fundraising has jumped to the first global IPO.

The news said, the industry had optimistic predictions ant listed on the first day, the stock will soar. But tonight it emerged that Jack Ma and others were being interviewed, which has shocked the market. The report quoted Xinhua news agency, after the financial summit on the Bund on Oct. 24, Wang Qishan warned in a video message that in recent years, the widespread application of new financial technology, new business models emerge, efficiency and convenience, while also making financial risks continue to magnify. Wang Qishan said there are ideals but not idealism. A balance should be sought between encouraging financial innovation, stimulating market vitality, expanding financial openness and financial regulatory capacity. He said, “At present, the global financial and economic environment is changing dramatically, and we should both hold the bottom line and respond flexibly to risk challenges, and have the courage to get rid of the old and establish the new.”

Following Wang Qishan’s speech, Ma took to the stage to deliver a speech attacking China’s financial regulatory system. He said that China’s financial sector is currently facing “not a financial systemic risk, but the risk of still lacking a healthy financial system”. Ma also said: “I think there is a phenomenon, a lot of regulatory authorities around the world to supervise the later, into their own no risk, their own sector no risk, but the whole economy has a risk, the whole economy does not develop risk. The competition of the future is a competition of innovation, not just a competition of regulatory skills. My understanding of what President Xi said about the improvement of governing skills is the healthy and sustainable development under orderly regulation, not the lack of development with regulation.”

According to the Central News Agency, Ma’s speech was interpreted afterwards as a shot across the bow of the financial regulatory system and a hard barb at Wang Qishan.