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The world's billionaire factory shudders as China cracks down

The world’s billionaire factory shudders as China cracks down
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By Blake Schmidt, Coco Liu and Venus Feng
July 13, 2021 10.20am
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It was the kind of brazen PR stunt that Jack Ma might have dreamed up.
But this wasn’t the flamboyant Chinese billionaire who disappeared from public view eight months ago. It was Mark Zuckerberg, bobbing up and down on a hydrofoil surfboard, clutching an American flag and exuding all the confidence of a man worth $US130 billion ($174 billion).
Alibaba founder Jack Ma, who criticised Chinese financial regulators in his last public speech before Ant’s IPO was abruptly suspended, has since resurfaced only a handful of times in carefully choreographed appearances. ....

Chen Long , United States , Wang Xing , Angela Zhang , Hui Ka Yan , Joe Biden , Eric Schiffer , Allan Zeman , Colin Huang , Zhang Yiming , Charlie Munger , Rupert Hoogewerf , Centre For Chinese Law , University Of Hong Kong , Patriarch Organisation , Berkshire Hathaway , Ali Baba Group , China Evergrande Group , National People Congress , President Xi Jinping , Communist Party , Los Angeles Based , Chinese Law , Hong Kong , Antitrust Exceptionalism , Evergrande Group Chairman Hui Ka Yan ,

World's Billionaire Factory Shudders as China Cracks...

Adding to Beijing’s resolve is the Chinese public’s growing concern over rising inequality. At a major speech on his economic plans in October, President Xi Jinping acknowledged that the country’s development was “unbalanced” and said “common prosperity” should be the ultimate goal.
The upshot is a new era for the country’s billionaires and the investors who back them. Gone are the days when tycoons like Ma could confidently bend the rules to supercharge their companies’ growth and challenge entrenched interests like state-owned banks. Outsized public personas long seen as an asset for tech-company founders now look like a liability. The new playbook for China’s ultra-rich calls for more deference to the Communist Party, more charitable donations and more focus on the wellbeing of rank-and-file employees, even if it hurts the bottom line. ....

Chen Long , United States , Wang Xing , South Korea , Zhang Jian , Hui Ka Yan , Angela Zhang , Jack Ma , Mark Zuckerberg , Joe Biden , Eric Schiffer , Allan Zeman , Colin Huang , Zhang Yiming , Charlie Munger , Rupert Hoogewerf , Facebook Inc , Patriarch Organization , University Of Hong Kong , Didi Global Inc , Ma Ant Group Co , National People Congress , York Stock Exchange , Bytedance Ltd , Centre For Chinese Law , Berkshire Hathaway Inc ,

China's crackdown on its ultrarich set to reshape its most profitable sectors

It was the kind of brazen PR stunt Jack Ma might have dreamed up.
But this wasn’t the flamboyant Chinese billionaire who disappeared from public view eight months ago. It was Mark Zuckerberg, bobbing up and down on a hydrofoil surfboard, clutching an American flag and exuding all the confidence of a man worth $130 billion.
The contrast between the social media mogul’s July 4 Instagram video and the day’s big event in China could hardly have been starker. Regulators in Beijing had just hours earlier banned Didi Global Inc.’s ride-hailing service from app stores, delivering their latest hammer blow to an entrepreneurial elite that once seemed destined to challenge Zuckerberg and his U.S. peers at the top of the world’s wealth rankings. ....

Chen Long , United States , Wang Xing , South Korea , Zhang Jian , Hui Ka Yan , Angela Zhang , Jack Ma , Mark Zuckerberg , Joe Biden , Eric Schiffer , Allan Zeman , Colin Huang , Zhang Yiming , Charlie Munger , Rupert Hoogewerf , Bytedance Ltd , York Stock Exchange , Facebook Inc , Patriarch Organization , Berkshire Hathaway Inc , University Of Hong Kong , Alibaba Group Holding Ltd , Pinduoduo Inc , New York Stock Exchange , China Evergrande Group ,

World's billionaire factory shudders as China cracks down

World's billionaire factory shudders as China cracks down
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Chen Long , United States , Wang Xing , South Korea , Zhang Jian , Hui Ka Yan , Angela Zhang , Jack Ma , Mark Zuckerberg , Joe Biden , Eric Schiffer , Allan Zeman , Colin Huang , Zhang Yiming , Charlie Munger , Rupert Hoogewerf , Facebook Inc , University Of Hong Kong , Patriarch Organisation , Didi Global Inc , Ma Ant Group Co , National People Congress , York Stock Exchange , Bytedance Ltd , Centre For Chinese Law , Berkshire Hathaway Inc ,

World's billionaire factory shudders as China cracks down

China’s crackdown on Ant won praise last month from Berkshire Hathaway Inc. Vice Chairman Charlie Munger, who said in an interview with CNBC that the Communists did the right thing” by letting Ma know he couldn’t wade into banking.and just do whatever he pleased.”
BEIJING: It was the kind of brazen PR stunt that Jack Ma might have dreamed up.
But this wasn’t the flamboyant Chinese billionaire who disappeared from public view eight months ago. It was Mark Zuckerberg, bobbing up and down on a hydrofoil surfboard, clutching an American flag and exuding all the confidence of a man worth $130 billion. ....

Chen Long , United States , Wang Xing , South Korea , Zhang Jian , Hui Ka Yan , Angela Zhang , Jack Ma , Mark Zuckerberg , Joe Biden , Eric Schiffer , Allan Zeman , Colin Huang , Zhang Yiming , Charlie Munger , Rupert Hoogewerf , Facebook Inc , Patriarch Organization , University Of Hong Kong , Didi Global Inc , Ma Ant Group Co , National People Congress , York Stock Exchange , Bytedance Ltd , Centre For Chinese Law , Berkshire Hathaway Inc ,