SHANGHAI: Alibaba Group founder Jack Ma has been left off a list of Chinese entrepreneurial leaders revealed by state media, the snub underscoring how simply far he has fallen out of favour with Beijing.
China’s finest identified businessman was not talked about in a front-page article revealed by the Shanghai Securities News. Instead Huawei Technologies’ Ren Zhengfei, Xiaomi’s Lei Jun and BYD’s Wang Chuanfu have been lauded for his or her contributions.
It was revealed on Tuesday (Feb 2), when Alibaba may even report its newest quarterly earnings. The e-commerce big didn’t instantly reply to a request for remark.
The catalyst for Ma’s present woes was an Oct 24 speech wherein he blasted China’s regulatory system, resulting in the suspension of his Ant Group’s US$37 billion IPO simply days earlier than the fintech big’s itemizing.
READ: Commentary – China’s spat with Jack Ma is a push to control Big Tech. Silicon Valley may be next
Regulators have since launched an anti-trust probe into the tech sector with Alibaba taking a lot of the warmth, whereas tighter laws for Ant Group are additionally being thought of.
Ma, who will not be identified for shying away from the limelight, subsequently disappeared from the general public eye for about three months, triggering frenzied hypothesis about his whereabouts. He re-emerged last month with a 50-second video look.
The Shanghai Securities News mentioned that whereas some of the entrepreneurs it praised had as soon as behaved like “reckless heroes” of their efforts to interrupt away from an previous, inflexible financial system, they now led “a group of companies that respected the rules of development and abided by market rules”.