In a move he himself predicted several years ago internet billionaire and founder of Ali Baba Group (阿里巴巴集團), Jack Ma (馬雲)has likely been taken into police custody by the People's Republic of China, (PRC).
His crime? Setting up Ant Group (蚂蚁集团), an alternative banking system to the People's Republic of China lockdown form of finance. IE you can deposit money but it can't leave the country. Remember the fears of runs on banks? The PRC is likely insolvent and have justified fears were depositors to switch the Ma's less corrupt form of saving, the entire PRC banking system would repeat what happened in the USA in 1837, 1857, 1907 and 1929, As in total collapse.
China desperately wants to replace the dollar as the world reserve but the Americans let holders of said currency deposit them in banks around the globe.
China allows for the Hong Kong Dollar to come and go but the major currency used inside the PRC is the Yuan (or RMB) and that is not allowed to depart said shores at all.
ANT Groups IPO got cancelled as communist government regulators invented rules on the fly to squelch the competition and now sent a serious message to all Chinese innovators.
Behave. Do not challenge Emperor President Xi Get on your knees and kow tow (磕頭, translated as literally knocking head) in deference to the unelected dictator of China 磕頭 磕頭
Chinese billionaire and founder of the Alibaba Group, Jack Ma, has been reported as missing after he openly criticised China’s regulators and its state-owned banks, accusing them of slowing down innovation.
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