The War of the Chinese Authorities with the Founder of Alibaba Group has Hit the Country's Economy
The head of one of the startups said that he no longer wants to achieve a business scale comparable to Alibaba. He fears unwanted attention from the government. Another businessman decided to give up public speaking and now wanted to develop his robotics business outside the country.
Earlier it became known that the reason for the enmity, due to which the Chinese authorities blocked the initial public offering of shares of Ant Group (a subsidiary of Alibaba), could be an investigation into the possible beneficiaries of the transaction. Among them were people associated with political clans that are displeasing to the current government. In February, Ant Group and Chinese regulators agreed on a restructuring plan that will turn the company into a financial holding company.
In February, a Chinese regulator imposed new restrictions on banks and financial institutions working with online microlendors, including those led by the Ant Group.