Richest businessman in China shows up after two months silence

China's richest businessman shows up after two months of silence

Tech News: Richest businessman in China shows up after two months silence.

Chinese billionaire Jack Ma made his first public appearance since he openly criticized China’s financial regulation system just over two months ago. But he appeared Wednesday in a 50-second video, posted on Chinese financial news channels, in which he congratulated rural teachers supported by his charitable foundation and promised that he and his colleagues would devote themselves to educational philanthropy.

The 56-year-old billionaire founder of Alibaba, a multinational tech conglomerate and the largest online retail company in the world, had been out of the public eye since giving a speech at a business conference in Shanghai last year. October, accusing regulators of stifling innovation and blocking opportunities.

A few weeks later, the government suspended the debut of Ant Group, a spin-off from Alibaba, as a publicly traded company on the Hong Kong and Shanghai stock exchanges, a move that would have cost the company $ 37 billion, which would have been a record profit for an IPO.

The People’s Bank of China later ordered Ant to go back to its “payment origins”, increase transaction transparency and ban unfair competition. Ant began as a payment service for Alibaba, the largest online retail company in the world, and over time has grown into one of the largest online financial services providers, offering services such as loans, investments and insurance.

The Bank’s decision on Ant coincided with the Chinese State Administration for Market Regulation’s decision to launch an anti-monopoly investigation into Alibaba. The investigation focuses on the company’s practice of forcing its business partners to choose between Alibaba and a rival, rather than allowing them to sell their products through both outlets.

Alibaba was founded in 1999 by Jack Ma, who became China’s richest businessman with an estimated wealth of $ 59 billion.