Last year October, the Chinese government severely harassed Jack Ma and his company Alibaba after Jack Ma made realistic statements about the financial situation and the borrowing culture of banks in China.
Jack Ma took of the surface and went underground for months after Xi Jingping’s governments’ continuous blow on his company.
The government implied some serious regulations on the company which caused a huge flunk in the company’s shares and the China business tycoon had to suffer a huge loss of $ 344 billion which is huge and a shocking wipeout of all period.
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People are well aware of the reason for such a huge collapse of Alibaba Group Holdings was due to the founders’ severely criticized China’s economy speech.
Alibaba shares fell from a record height in Hong Kong three weeks ago. Despite a 30 percent recovery from October 5, the stock price is down 43 percent compared to last year.
According to Bloomberg data, Alibaba lost $ 344 billion a year in market capitalization. Alibaba has suffered the biggest losses in shareholding worldwide. With massive allegations against the Jinping government.
China’s Jack Ma Fintech arm and group have been barred from going to the IPO. Since then, the Jinping government has cracked down on the country’s most powerful sector, inflicting heavy losses on Alibaba and various other companies.
The Chinese government has not only taken down Jack Ma’s empire and is preventing his venture to go IPO but also has taken down several other companies and pushed them into the loss. The recent bill passed in the Chinese cabinet made clear that the education sectors should not be created on money and all the online education platforms fell to the ground with shares reaching the bottom in a record rate.
Besides, the Chinese government is also preparing to hit many other sectors with serious regulations.
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