• About Us
  • Careers
  • Brand Partnerships
TFI Official Merchandise
TFI English
TFI हिन्दी
Saturday, July 2, 2022
TFIGlobal
TFIGlobal
Right Arm. Round the World. FAST.
No Result
View All Result
  • Indo-Pacific
  • Americas
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • Premium
  • Indo-Pacific
  • Americas
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • Premium
TFIGlobal
TFIGlobal
No Result
View All Result

$255 billion lost in two days! Xi Jinping’s fight with Jack Ma costs China big

Akshay Narang by Akshay Narang
November 13, 2020
in Indo-Pacific
Reading Time: 2 mins read
0
Xi Jinping, Jack Ma, China,
2.9k
VIEWS
Share on FacebookShare on Twitter
Become a Patron!

The Chinese tech sector is already facing a global crusade led by countries like the US and India. And now, it is also battling a bloodbath within China. The Xi Jinping administration, which simply cannot trust anyone, has started looking at tech giants as a threat and is now cracking down on some of the most popular Chinese internet companies. Within two days, the stocks of four Chinese internet giants have lost a combined $255 billion.

Jinping started his purge against internet giants recently by halting Alibaba founder Jack Ma’s Ant Group Co.’s $35 billion IPO in Shanghai and Hong Kong. Jack Ma is a CCP loyalist, who promises to hand over all his businesses to the party if it wants. So, why did China halt the ambitious IPO? Well, Ma tried to speak up against Chinese regulatory hurdles. Jinping didn’t like it and now it seems that he is punishing the entire Chinese tech sector.

Also Read

Putin drops a $15 billion bombshell on Japan by kicking it out of Sakhalin

China wants the sanction-proof Indian economy to help it brave Western sanctions

Facing backlash in the global market, Chinese internet giants, of course, want to expand themselves within China. Therefore, speaking at a public event, Jack Ma went as far as calling China’s financial regulation outdated and badly suited for upcoming fintech solution companies like Ant Group Co.

A Reuters report seems to suggest that Ma’s remarks against China’s outdated financial regulation were the ignition point that led to Ant facing the ire of regulators. The Ant episode has now taken the shape of a wider crackdown against the Chinese internet majors.

Within China, there is a growing fear that the Xi Jinping administration could go after the biggest of tech companies. Such fears are leading to Chinese tech giants losing hundreds of billions of dollars in their stock market value.

Between Tuesday and Wednesday, Alibaba (BABA) and JD.com (JD) went down more than 10 per cent in Hong Kong trading. While the latest plunge saw Alibaba lose $97 billion in market value, JD.com also lost $26 billion.

Meituan, a Chinese tech giant offering services similar to Groupon and Yelp, and popular gaming company Tencent (TCEHY), have also lost billions of dollars in market value.

The plunge followed notification of draft guidelines by the State Administration for Market Regulations, China’s top market regulator, on Tuesday. The latest guidelines outlined by the top regulator says that it intended to prevent internet monopolies

The draft guidelines themselves came soon after Xi Jinping slammed brakes on the Ant IPO, suggesting that the latest crackdown on Chinese tech majors is just an extension of the Ant IPO episode.

The Chinese Communist Party has since long promoted Chinese tech giants as national champions. But now these national champions are facing global outrage and want to expand themselves within China. They want China to relax its regulatory burden in order to promote its expansion.

And this why the Chinese President feels that these tech majors are a threat to him. He smells a rebellion coming from the tech sector. So, by cracking down on internet companies, Jinping is telling them that he remains the boss. Chinese President’s war with Jack Ma and other tech tycoons is costing China hundreds of billions of dollars.

Tags: ChinaJack MaXi Jinping
ShareTweetSend
Previous Post

The recent Indian elections and the George Bush vs Al Gore lesson from 2000 are screaming for electoral reform in US

Next Post

WHO is doomed as the whole world is realising its China-bias and its role in causing the pandemic

Also Read

Sakhalin

Putin drops a $15 billion bombshell on Japan by kicking it out of Sakhalin

July 2, 2022
China wants the sanction-proof Indian economy to help it brave Western sanctions

China wants the sanction-proof Indian economy to help it brave Western sanctions

July 2, 2022
China India

BRICS could be the most important grouping but there is one big hindrance

July 1, 2022
The Philippines’ new pro-China leader begins his tenure by locking horns with Taiwan

The Philippines’ new pro-China leader begins his tenure by locking horns with Taiwan

July 1, 2022
Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Trending
  • Comments
  • Latest
Zimbabwe inflation

Zimbabwe ditches American Dollar and shifts to gold; more African nations to follow the suit

July 1, 2022
Russia hits the goldmine in Uganda

Russia hits the goldmine in Uganda

June 26, 2022
Japan has withdrawn a sizeable chunk of its foreign reserves from the US and a domino effect is on the cards   

Japan has withdrawn a sizeable chunk of its foreign reserves from the US and a domino effect is on the cards  

June 20, 2022
Russia crashes West’s chip infrastructure by turning off Helium and Neon supplies

Russia crashes West’s chip infrastructure by turning off Helium and Neon supplies

June 3, 2022
Iran cuts off the last oil supply line to the US and the West

Iran cuts off the last oil supply line to the US and the West

June 21, 2022
Zimbabwe inflation

Zimbabwe ditches American Dollar and shifts to gold; more African nations to follow the suit

us led nato

Spain becomes the first NATO country to openly protest NATO’s adventurism in Ukraine

Daughter of the Joe Biden

‘Use to shower with Dad,’ Biden’s daughter’s scandal makes Hunter look like a saint

Russia hits the goldmine in Uganda

Russia hits the goldmine in Uganda

China, Kenya, Xi Jinping

China decides to stop investing in Africa because Africans take money and that’s pretty much it

Lockdowns are back in Germany (And it’s not the pandemic this time)

Lockdowns are back in Germany (And it’s not the pandemic this time)

July 2, 2022
A frustrated France shows a middle finger to its green ambitions

A frustrated France shows a middle finger to its green ambitions

July 2, 2022
Russia gives wings to Indonesia’s new capital Nusantara, while Widodo snubs China

Russia gives wings to Indonesia’s new capital Nusantara, while Widodo snubs China

July 2, 2022
MBS has removed every single speck of anti-Semitism from Saudi Arabia. Now a big announcement is awaited

MBS has removed every single speck of anti-Semitism from Saudi Arabia. Now a big announcement is awaited

July 2, 2022
EU threatens to impose sanctions on Greece should it annoy Erdogan any further

EU threatens to impose sanctions on Greece should it annoy Erdogan any further

July 2, 2022
Youtube Twitter Facebook
TFIGlobal
  • About us
  • Contact Us
  • Terms of use
  • Privacy Policy

©2022 - TFI MEDIA PRIVATE LIMITED

No Result
View All Result
  • Indo-Pacific
  • Americas
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • Premium

©2022 - TFI MEDIA PRIVATE LIMITED

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Follow us on Twitter

and never miss an insightful take by the TFIGlobal team

Follow @tfiglobal
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. View our Privacy and Cookie Policy.