Chinese state media celebrates the best entrepreneurs, but not Jack Ma

Jack Ma was clearly absent from a list of top Chinese entrepreneurs released by state media on Tuesday, pointing out how much the iconic Alibaba co-founder has clashed in Beijing.

Ma, celebrated at home for founding some of his country’s biggest companies, did not feature a front-page Shanghai Securities News commentary touting major tech. Instead, the Chinese official newspaper touted rival Pony Ma as “rewriting the mobile age” with Tencent Holdings. BYD Co. chairman Wang Chuanfu, Xiaomi Corp co-founder Lei Jun, and Ren Zhengfei of Huawei Technologies Co. were also on his list.

The short editorial – which appeared on the same day as Alibaba Group Holding Ltd. must disclose profits – could help allay fears Tencent could be caught in a broader industry crackdown now focused on Ma’s Alibaba and Ant Group Co. Beijing has launched a campaign to reduce the growing power of private tech companies in almost every facet of Chinese life, as evidenced by the ubiquity of Tencent’s WeChat messaging service. Shares of Tencent and Xiaomi rose more than 2% on Tuesday.

Jack Ma’s absence is telling given that Shanghai Securities News is the most prominent business publication in Alibaba’s backyard. The billionaire made his first public comments in January since he disappeared from sight late last year, after his now infamous reprimand from Chinese regulators sparked a backlash that derailed the record public offering of $ 35 billion from Ant and launched an investigation into its e-commerce giant. Much about the future of China’s most recognizable and outspoken businessman remains unclear.

“A generation of Chinese entrepreneurs emerged from the rigid structures of our old economic system with the desire to escape poverty and the passion to achieve business ambitions,” the newspaper wrote, supported by the state-run Xinhua news agency. . “They have breathed new life into China’s economic reforms.”

Dear reader,

Business Standard has always strived to provide up-to-date information and commentary on developments that are of interest to you and which have broader political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these difficult times stemming from Covid-19, we continue to remain committed to keeping you informed and up to date with credible news, authoritative opinions and cutting-edge commentary on relevant current issues.
However, we have a demand.

As we fight the economic impact of the pandemic, we need your support even more so that we can continue to provide you with higher quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscribing to our online content can only help us achieve the goals of providing you with even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

Digital editor


Source link

About Perry Perrie

Perry Perrie

Check Also

How astronaut Nick Hague survived an aborted Soyuz flight

Expedition 57 flight engineer Nick Hague and Captain Alexey Ovchinin greet the spectators. (NASA / …

Leave a Reply

Your email address will not be published. Required fields are marked *