Fostering a climate of constant political scandal in China may prove to be a decisive contributing factor if it undermines the widely held myth of the CCP’s infallibility.
Exposing the Red Elites Behind ‘Chinese Uber’ Didi (Part 3)
Didi s ties with Boyu Capital and Jiang Zemin s family
Editor’s note: This article is part three of a three-part series. Part 1 looks at Beijing’s crackdown on Didi and introduces the company’s ties to the Chinese military and state-owned businesses. Part 2 looks further into Didi’s ties with China’s business elites, the Chinese military, and Lenovo Group.
Chinese investment firm Boyu Capital and its late co-founder Ma Xuezheng have contributed to Didi’s success. Under Ma’s direction, Boyu Capital which has ties to Lenovo Group and the family of former Chinese leader Jiang Zemin became one of Didi’s major investors.
Why Did Xi Jinping Purge Jack Ma?
Commentary
Jack Ma, now China’s fourth-richest man and the former CEO of Chinese e-commerce giant Alibaba, criticized China’s financial system policies at the Bund Summit 2020 in October. Since then, his enterprises have become the target of Xi Jinping.
At first, the listing plan for Ant Group, an affiliate company of Alibaba, was halted on Nov. 3. On April 10 this year, the Alibaba Group was fined $2.8 billion on the grounds that it violated an antitrust law, and Ma’s elite business school, Hupan University, was forced to halt enrolments.
I don’t think Ma’s troubles are over.