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Thin-skinned Xi Jinping Quashed $37 Billion IPO After Jack Ma Dissed Chinese Government

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A week before the fintech Ant Group went public, Chinese President Xi Jinping called the proceedings to a halt. Business Insider reports Xi stopped the historic $37 billion initial public offering after its founder, Jack Ma, criticized government leaders. At a conference in Shanghai, Ma made incendiary comments that didn't go down well with the president or other government officials. Ma dismissed global banking rules, saying they got in the way of innovation. As large private businesses accumulate wealth and power in the communist nation, Xi has displayed a low tolerance for them as they threaten his authority.

Added on the 14/11/2020 10:23:57 - Copyright : Wochit

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