China orders Alibaba founder Jack Ma to break up fintech empire

[shocks]

China orders Alibaba founder Jack Ma to break up fintech empire - The Guardian

"China has escalated its campaign to rein in the vast tech empire controlled by Jack Ma, the co-founder of Alibaba and one of the country’s richest people.

Authorities in Beijing, who had on Christmas Eve ordered an investigation into allegations of “monopolistic practices” by Ma’s online retail giant, have now ordered his financial technology company Ant Group to scale back its operations.

In a statement, Ant Group said it would establish a “rectification working group” and “fully implement requirements” sought by the regulator.

Analysts and policy experts said Beijing’s action against Ma’s companies was likely to have been sparked by the blunt speech he gave to the Bund summit in Shanghai on 24 October, criticising overbearing regulation and the state dominance of banking."

 

[upepo]

Jack Ma lazima akunje mkia. You don't start challenging the gods that made you.

 

[Ssabasajja]

State capitalism wealthy puppets lazima watii. Winnie the Pooh hataki mchezo, ukiona vile amehandle Uighurs na Tibetans.

 

[Field Marshal]

Rubbish interpretation. Eti speech. So why does the US senate want to break up Microsoft, or the Kenyan senate want to break up Safaricom?

There's something which can be called malignant dominance, which risks corporations getting more power than the state which cannot be allowed....................

 

[Ramiran]

Rubbish interpretation. Eti speech. So why does the US senate want to break up Microsoft, or the Kenyan senate want to break up Safaricom?

There's something which can be called malignant dominance, which risks corporations getting more power than the state which cannot be allowed....................

Safaricom WILL NEVER be broken up unless its to the benefit of is NCBA connection

 

[elian_zhu]

In a sense, it depends on the form of society, capitalism and socialism