Jack Ma’s problems began when he was frustrated by one of his big deals: the Hormiga group’s ball.
Chinese magnate Jack Ma did not have a final good year.
Alibaba’s co-founder, one of the emperor’s imperial mayors of the Asian nation, lost about US $ 11,000 million from the end of October, when the authorities intensified the scrutiny of his company and other large technology conglomerates.
This is the fortune of My Alcanzo US $ 61,700 million and is about to convert one more time into China’s richest person.
It is embarrassing, its assets cayo to US $ 50,900 million, according to the Bloomberg Multimillionaires Index, which is located in the quarter of the city ranking.
The problems of the businessman commenting when frustrated are one of his big deals: la salida a bolsa del Grupo Hormiga.
In November, all of them will be listed for the series that will take the mayor to the ball of history, but the things that will not go as planned.
The operation was inadvertently suspended by an ultimatum interrogator on the part of Chinese financial regulators.
Some analysts interpreted this as Pekin’s intention to control the crime of giants such as the Hormiga Group and its own Ma, which tends to make inconvenient statements, according to the BBC’s Timothy McDonald from Singapore.
“I did not see a symbol of China’s potential and its technological progress, it’s an amenity”.
The German magnate provoked the ira of the Chinese authorities when publicly criticized the Chinese bank controlled by the Comparative State with the “employment houses” which has no innovative vocation.
The power of digital finance
Here are the things that complicate the Hormiga Group, conglomerating that in the last few years it is expanding rapidly.
The most popular service from Hormiga, Alipay, commences as the payment platform of Alibaba.
I publicly criticized the Chinese bank controlled by the State Comparison with the “employment cases” that have no innovative vocation.
Retention in fideicomiso the money of the buyers has until you receive the product that habían purchased online.
Alipay fue essencial in the crime of Alibaba. Now there are more used in China than credit cards.
When the ballot box was suspended, the Hong Kong Police announced that the Hormiga Group “would not comply with the standards for the inscription and transparency requirements” and suggested that “recent changes” in the regulatory framework of the digital finance podrían has an obstacle.
“It’s a big deal. But it’s not believed that China will lean on any treaty. Do not give up risking your financial system through a deal“, argues Drew Bernstein, director of Marcum Bernstein & Pinchuk, a company that assesses Chinese companies.
¿Competence desleal?
A few days ago, the Central Bank of China ordered a reorganization of the operations of the Hormiga Group, in order to “rectify” its services, safeguards and assets management.
According to the Deputy Governor of the Popular Bank of China, Pan Gongsheng, the regulators are analyzing “the bad corporate governor of the Hormiga Group”, its challenge to normative standards and its practices to win over its competitors with the end to avoid the desleal competence.
The most popular service from Hormiga, Alipay, commences as the payment platform of Alibaba.
The Hormiga Group signaled in a statement that it would establish a “correction” work group and fully implement the regulatory requirements.
Some experts say that this new regulatory regulation is directed against Ma, while others say that the reform of the financial sector is a political goal on the part of the government of Beijing, which is more than the company of the emperor.
Although the company operates as the mayor of China, with more than 730 million monthly users in its Alipay service, the company’s credit practices that precede more regulators.
Ma is not the only one
Although Jack Ma has been at the center of controversy, he is the only one who has enforced major regulatory controls.
The financial technology sector appears to be in the mirror of Chinese regulators.
Some companies are adjusting the form in which they operate, probably in order to be able to obtain new regulations from the sector.
For example, JD Digits, Tencent, Baidu and Lufax will have to file deposits that devote interest to their platforms, even if the authorities require the Hormiga Group to do the same.
“No creo that nadie see immune in this stage and certainly the principles with which the Hormiga Group wins its consumers with the financial products, are very similar to what Tencent has “, agrees Norris.
Now you can receive notifications from BBC News Mundo. Download our app and activate it to lose our best content.
