In early November, as China’s financial technology giant, Ant Financial Services, was about to go public, China’s four major official regulators suddenly interviewed Jack Ma and four other leading figures of the Ant Group, and the Ant Group’s listing was halted.
It is rumored that Ma provoked the government, because he “disaster from the mouth.” on October 24, at the second Bund Financial Summit, Ma spoke: “supervision and management are two things, supervision is to watch your development, attention to your development, management is only when there are problems.” “But we now have the ability to control, but not the ability to control,” he said. “But we now have a strong ability to manage, the ability to supervise is not enough,” “good innovation is not afraid of regulation, but afraid of yesterday’s way to regulate, we can not use the way to manage the railway station to regulate the airport, we can not use yesterday’s way to regulate the future.” “Many regulators around the world have regulated to the point where it becomes a risk that they have no risk, their own sector has no risk, but the whole economy has a risk that the whole economy will not develop.” “The competition of the future is a competition for innovation, not just for regulatory skills.” “There is no systemic risk in Chinese finance, because there is no system.” The Bank of China “continues the pawnshop mentality,” which “cannot support the financial needs of the world’s development in the next 30 years.” “To do innovation without risk is to stifle innovation.” “In many cases, the biggest risk is to control the risk to zero.” In this speech, Jack Ma said.
In Ma’s speech, “we”, which stands for the Chinese government, and “many regulators around the world”, which speaks of “many regulators in China”. This is a uniquely Chinese expression, using “we” as a cover to avoid making oneself the antithesis of the government, and “global” as a cover to avoid breaking the glass heart of those in power.
In all fairness, Ma’s reasoning is much more reasonable than that of the so-called “party and state leaders”, and at a much higher level. However, in China, it is not always the case that a high level of reasonableness or reasonableness will stand up to scrutiny. In many cases, it is the way to bring misfortune. Ma’s remarks are rumored to have been a direct affront to the two Chinese Communist Party bigwigs present at the meeting: Vice President Wang Qishan and former Chongqing governor Huang Qifan.
Wang Qishan, who made his appearance after a temporary reprieve in his power struggle with Xi Jinping, is the vice president who is supposed to be assisting with diplomacy, and has made an unexpected foray into the financial sector, apparently at the behest of Xi or the top brass. Wang Qishan let it be known at this financial summit that “Chinese finance cannot go down the crooked path of speculative gambling, the aberrant path of self-circulating financial bubbles, or the evil path of Ponzi schemes.” A gesture to “control the card pressure”, beautifully named “regulation”. Huang Qifan spoke, dissatisfied with the net loan “turn fast”, implying that the net loan to strengthen supervision. And Jack Ma’s Ant Financial Services Company, to a considerable extent, with the help of online lending.
Ma Yun’s speech, defined by domestic public opinion as “hard bar Wang Qishan”, refute Huang Qifan. As a result, when the Ant Group raised $34.5 billion in the IPO, raising the largest amount of funds in the world IPO, and was about to go public, Ma and others were suddenly interviewed by the four major regulatory departments of the Communist Party of China, the Ant Group’s listing plan was also stopped by the powers that be. Jack Ma had no choice but to state: “Steady innovation, embrace regulation.” By netizens jokingly said: ant gold has become “Ma has served”.
It’s interesting that Jack Ma spoke at the Bund Financial Summit in the capacity of “Co-Chair of the United Nations High-Level Group on Digital Cooperation”. However, thinking about what happened to Meng Hongwei, the president of Interpol and deputy minister of the Chinese Communist Party’s Ministry of Public Security, Ma can shudder to think that behind you, there is no UN, only China’s totalitarian government, the big brother above all, the black boss who dominates everything.
Ma Yuns should know: in China, is it a big business or a big country? Is it big business or big politics? Is it money or power? If they were in the United States or any other normal country, they would be able to “fly as high as the birds in the sky and leap as wide as the fish in the sea”. Unfortunately, they are in China, which is not a normal country. The authorities forced Jack Ma out of his post as Alibaba chairman last year, setting the stage for all sorts of untoward surprises.
It’s not normal, but the fate of the ant group, Jack Ma’s situation, is “normal” in China. In fact, was interviewed, was suspended from listing, in China, but also a small matter; was arrested, was no property, it is considered to be a big deal. Look at the Chinese financial predators who once called the shots, such as Xiao Jianhua, Wu Xiaohui, Xu Xiang, Ye Jianming ……, where are they now? Long ago they were thrown in jail, even if they were alive or dead. How much better could the Malcolms have ended up than they did? In a word: this is China. The question is not whether you can do it, but whether you are convinced. If we look at China, how can we say that the horse has already been convinced?
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