Ant Group completed the process of relinquishing founder Jack Ma’s control in early 2023. Jack Ma was forced to give up control of the company he founded, a fate that reflects the destiny of private entrepreneurs under the rule of the Chinese Communist Party.
In October 2020, Jack Ma criticized the authorities for their rigid regulations during a speech at the Shanghai Bund Financial Summit, blasting the banking system’s “pawnshop mentality”. Just weeks later, Ant Group, which was already in the countdown to listing on the Hong Kong and Shanghai stock exchanges, saw its IPO plans halted.
The “Three-Anti and Five-Anti” campaigns after the CCP’s establishment completely eradicated the private economy. Today, seventy years later, the CCP is once again discussing “national advancement, private withdrawal”, where private entrepreneurs must either give up their shares to pledge loyalty to the Party or leave in disappointment. How did Ant Group, then, become “Ant has already surrendered”?
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