Jack Ma Left Off China State Media’s List of Tech Luminaries
(Bloomberg) --
Jack Ma was conspicuously absent from a list of China's entrepreneurial greats published by state media Tuesday, underscoring how the iconic Alibaba co-founder has run afoul of Beijing.
Ma, lionized at home for creating some of his country's largest corporations, didn't make the cut in a Shanghai Securities News front-page commentary lauding the leading lights of technology. Instead, the official Chinese paper held up archrival Pony Ma as “rewriting the mobile age” with Tencent Holdings Ltd. Also on its list were BYD Co. Chairman Wang Chuanfu, Xiaomi Corp. co-founder Lei Jun and Huawei Technologies Co.'s Ren Zhengfei.
The brief editorial -- which ran the same day Alibaba Group Holding Ltd. is slated to unveil earnings -- may help assuage fears Tencent could get caught up in a broader industry crackdown now focused on Ma's Alibaba and Ant Group Co. Beijing has launched a campaign to curtail the growing power of private technology corporations in almost every facet of Chinese life, as exemplified by the ubiquity of Tencent's WeChat messaging service. Shares in Tencent and Xiaomi rose more than 2% Tuesday.
What Is Behind China's Crackdown on Its Tech Giants: QuickTake
Jack Ma's absence is telling given the Shanghai Securities News is the most important business publication in Alibaba's backyard. The billionaire made his first public comments in January since disappearing from view late last year, after his now-infamous rebuke of Chinese regulators prompted a backlash that derailed Ant's record $35 billion initial public offering and spurred an investigation into his 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 passion to achieve business ambitions,” the newspaper, which is backed by the official Xinhua News Agency, wrote. “They have breathed new life into China's economic reforms.”
©2021 Bloomberg L.P.
With assistance from Bloomberg
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
-
Medicine Pricing: Where Must Profit Stop?
India must confront excessive margins, hidden incentives and regulatory gaps that threaten the integrity of medicine.
-
Why Amazon And Flipkart Are Struggling To Beat Meesho In India's Smaller Cities
With 274 million users and lowest-cost logistics, Meesho is defending its value commerce crown against giants like Amazon and Flipkart.
-
High US Salaries, No Green Card Certainty: The Financial Calculation Facing Indian H-1B Families
The suspension of PERM processing at eight technology employers does not cancel existing H-1B visas. What it does is force a question many Indian families have been avoiding: is the US salary worth tying your career and family plans to one employer?
-
Swiggy vs Eternal: Food Delivery's Two Rivals Are No Longer In The Same Race
Eternal is building a private AI assistant, dark.ai. Swiggy is still working out how to make Instamart pay, with an operating loss of Rs 895 crore in the July-September quarter while Blinkit stayed profitable.
-
Where You Live Shapes How You Get To Work | The Reason Why
Two-wheelers are the most popular way to get to work in India, accounting for nearly 43% of workplace commutes.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
