ANN CROTTY: China’s Xi Jinping is staying tough with tycoons
Alibaba founder Jack Ma and Foxconn chair Terry Gou find China is a difficult neighbourhood
02 November 2023 - 05:00
For a brief while there was talk that some Alibaba shareholders were planning legal action against founder Jack Ma for bringing down the wrath of Chinese President Xi Jinping on their investment. That wrath is estimated to have resulted in the combined loss of $877bn for Ant Group, the fintech company Ma founded, and Alibaba.
Xi’s wrath wasn’t limited to Ma’s companies. The ensuing regulatory crackdown also affected the valuations of other tech giants such as Tencent, DiDi and Meituan...
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