- Jack Ma is noticeably missing from the list of China’s entrepreneurial greats
- It underscores how the legendary Alibaba co-founder got in the way of Beijing
- His now infamous reprimand from Chinese regulators sparked a backlash
Jack Ma was noticeably absent from a list of China’s entrepreneurial greats released Tuesday by state media, highlighting how the legendary Alibaba co-founder got in the way of Beijing.
Ma, who was hailed at home for launching some of his country’s largest corporations, failed to praise technology leaders in a front-page comment on Shanghai Securities News. Instead, the official Chinese newspaper held arch-rival Pony Ma with Tencent Holdings Ltd. for “rewriting the mobile age”. Also on her list were Wang Chuanfu, chairman of BYD Co., Lei Jun, co-founder of Xiaomi Corp. Ren Zhengfei.
The short editorial that appeared on the same day that Alibaba Group Holding Ltd. Announcing the profits could help allay fears that Tencent may be embroiled in broader industry crackdowns that are now focused on Ma’s Alibaba and Ant Group Co.’s campaign to curb the growing power of private tech companies in near-Beijing all areas of Chinese life, such as the ubiquity of Tencent’s WeChat messaging service. Tencent and Xiaomi’s shares rose more than 2 percent on Tuesday.
Jack Ma’s absence is telling as the Shanghai Securities News is the main business magazine in Alibaba’s backyard. The billionaire made his first public comments in January since disappearing from view late last year after his now infamous reprimand from Chinese regulators sparked a backlash that failed Ant’s record $ 35 billion IPO and one Investigation of its e-commerce giant. Much remains unclear about the future of China’s most famous and outspoken businessman.
“A generation of Chinese entrepreneurs have emerged from the rigid structures of our old economic system with a desire to escape poverty and passion in order to achieve business ambitions,” wrote the newspaper, which is supported by the Xinhua Official News Agency. “You have breathed new life into China’s economic reforms.”
(Except for the headline, this story was not edited by GossipMantri staff and posted from a syndicated feed.)