China Allegedly Wants To Take Jack Ma’s Company

Jakarta, CNN Indonesia –

Government-launched anti-monopoly research China against the business octopus Jack Ma, Alibaba and Ant Group, it is suspected that it will lead to nationalization.

Quoting IB Times, the investigation indicated a plan by the Chinese Communist Party (CCP) for Alibaba to be taken over by the country.

Song Qing, an insider in the finance and internet industries, thinks the planned investigation into Alibaba may come from the highest levels of the party.

“This takeover is bound to happen, and (the anti-monopoly investigation) will probably speed up the process … That too, in my opinion, is deliberately to provide lessons (for Ant and Alibaba),” he told Radio Free Asia.

Launch NBC News, the antitrust investigation into Alibaba Group is part of a crackdown on anti-competitive behavior in China’s internet space.

Chinese authorities have issued draft rules aimed at preventing monopolistic behavior by internet companies. They also promised to strengthen anti-monopoly efforts by 2021.

The People’s Daily, the CCP’s daily newspaper, heralded a few days ago that the government’s anti-monopoly investigation is heading for a better direction.

In the article the politburo held the view that ‘anti-monopoly measures’ must indeed be strengthened to prevent the haphazard expansion of capital.

Earlier the People’s Bank of China announced that the country’s four financial regulators would summon Ant Group, a financial firm affiliated with Alibaba, in a meeting that would “guide Ant Group” to implement financial oversight and regulate its services.

Ant Group is China’s largest online payment platform. Ant offers everything from investment accounts and micro-savings products, to insurance, credit scores and even dating profiles.

The surveillance of Ant had been in place long after Jack Ma bought the financial firm.

[Gambas:Video CNN]

(hrf / sfr)

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