Billionaire Jack Ma pays a hefty price for offending the Chinese regime
The year 2020 could have been the best year for Jack Ma, the billionaire founder of fintech giant Ant Group Co. Ltd. But now, he is paying an extremely high price for challenging the Chinese Communist Party.The state has pulled the plug on the ANT group, which could have been the biggest Fintech Company in the world. The initial public offering of Ant Group, the internet finance giant, was ready with its $34 billion stock debut in Shanghai and Hong Kong.This would have been the biggest IPO, or first sale of stock in the world - greater than the listing of Saudi Aramco, the state-run oil giant, when it went public last year. But the initiative received a huge blow from the Chinese authorities as the government suspended the public listing of the company abruptly.This caused a severe setback...