The world was an entirely different place for Jack Ma nine months ago. Ant Group, a fintech company owned by his retail giant, Alibaba, was all set for a $34.4 billion initial public offering, the world’s biggest. It had got $3 trillion worth of bids from individual investors across its dual listing in Hong Kong and Shanghai. The bidding for the IPO was so aggressive that the servers of some brokerage platforms in Hong Kong reportedly crashed owing to the overwhelming number of orders.
Ant Group’s shares were expected to trade in Hong Kong and Shanghai on November 5, 2020. But it never happened. On November 3, Chinese regulators summoned Ma and told him that Ant’s days of relaxed government oversight were over; they later shut down the IPO saying there were shortcomings in the process. The Wall Street Journal reported that Chinese President Xi Jinping had personally halted the IPO because an outspoken Ma had irked the government. Though he was the poster boy of Chinese entrepreneurship, Ma always had an uneasy relationship with the government, as he seldom hesitated to criticise its policies. He was rarely seen in public after the botched IPO.
This story is from the August 22, 2021 edition of THE WEEK.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the August 22, 2021 edition of THE WEEK.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Ram temple not an issue in south
Much has been said this election season about the alleged north-south divide.
Haute and sweaty
In Mumbai, where I live and work, there is a severe heatwave going on. The highest temperature this month has been 40 degrees, sweltering and humid for the coastal city.
MOVE AWAY MARY!
In many parts of the world,unique names are becoming popular
CALL OF THE WILD
Tejas Thackeray, the younger son of former Maharashtra chief minister Uddhav Thackeray, shares his passion for wildlife conservation and photography
CEPA and beyond
Bilateral trade between the UAE and India has grown almost 16 per cent year-on-year, touching $84.5 billion
Brash and raw
When I chanced upon Raj Narain, who humbled Indira Gandhi
Lone voice of dissent
“I am keen to invite Parakala [Prabhakar] to Mumbai… What do you think? Do you know him?” A friend asked. No, I don’t know the man. And no, it is not a good idea to invite him, unless you want to invite trouble, I replied.
Modi and the Muslim syndrome
I have long been intrigued by the prime minister’s desire to hug every passing sheikh and sultan and his contrasting contempt for the ordinary Indian Muslim.
Assam Rifles not trained to guard borders; need separate force for Manipur border
Imphal is blanketed in darkness. The sun has set a little too soon in the valley, but N. Biren Singh is yet to call it a day.
SPOTLIGHT ON THE SENTINELS
Manipur government wants the Assam Rifles replaced, but the Union home ministry is focused on upgrading infrastructure and connectivity before deciding who guards the state