FX.co ★ China’s government targets Jack Ma’s Alibaba empire

Jack Ma, the founder of Alibaba and one of the richest businessmen in China, is considered by many one of the cleverest people of our time. Yet, analysts wonder how such a smart person would ever start a business in a country with a totalitarian regime.

On top of that, Ma dared criticize the regime. Now Jack Ma has been out of the public eye for more than two months after criticizing China's state-owned banks and economic regulators during a speech in Shanghai, comparing them to pawnshops. "Today’s banks still have a pawnshop mentality,” said Ma. “Mortgages and guarantees are for a pawnshop, but if we go to extremes in relying solely on collateral assets, certain enterprises will pledge all of their assets, and the pressure [for them] is enormous."

Now, the billionaire whose clever quotes about the meaning of life have flooded the Internet is avoiding public appearances staying mostly in the shadow. On January 1, Ma withdrew from the jury of his own show Africa's Business Heroes. Curiously enough, he even stopped being shown in the promo video. In addition, Ma sharply reduced activity on social networks. On Twitter and on the account of his charity organization the last posts were made on October 10 and on November 30 respectively. Previously, the businessman made several tweets a day.

The Chinese authorities have demonstrated once again that even large fish should swim quietly in the pond. They do not voice their demands directly but call on Ma to reform his business. Experts fear that Ma will have to make his company a state-owned one in order to save his business.