What is the Chinese government looking for with the offensive against the country’s tech giants – BBC News World

  • Cecilia Barría
  • BBC News World

Image source, Getty Images

Caption,

Alibaba co-founder Jack Ma was one of the first to feel the effects of the new restrictions.

Chinese mogul Jack Ma had the party set up.

Everything was in order so that the Ant Group (Alibaba’s financial arm) will begin in November 2020 its first sale of shares on the Hong Kong and Shanghai stock markets for a value of US$34.400 millones, in what would be the largest IPO in history.

But at the last minute, Chinese financial regulators suspended the operation over “competition concerns” in the market.

That is, they cut off the power, turned off the music, and sent the guests home.

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