Let’s look at Ant Finance. Why did I make a conclusion back in 2018 that Jack Ma will have a sad ending?
Just think about Anbang under the spotlight at its prime time. Do you remember what I said in one of my broadcasts that Anbang would end in a disastrous manner? I said this at its peak.
Also, just think when Wang Jianlin was at the center of public attention, wow! it seemed he would represent the human world or the whole universe!
We see in 2012 and 2008, it was said at the 3rd and 4th Plenary Sessions of the CCP Central Committee that China, the PRC, will in 2012 realize the comprehensive rule of law and judicial independence and make China be a moderately prosperous country.
Just days ago, the 5th Plenary Session said again: let’s wait again till 2035 for the rule of law to be achieved in China.
Does this mean that there has never been any rule of law in the past 70 years?
What it tells us is that the CCP is a complete liar, always cheating its people.
What is the story behind this Ant Financial Group? It’s Jack Ma’s Ponzi scheme to deceive the old hundred names in China. It represents the interests distributed among the Politburo members of the CCP leadership.
Lufax of PingAn Group is another platform to distribute benefits as well but among the current standing members of the CCP Central Committee.
But please don’t forget: these standing members of the CCP are so greedy that they even want to eat the whole universe and the sun. They think they must have Ant Financial under their control.
What are Ant Financial and Anbang doing?
When Anbang came to the U.S. market, it promised the CCP leadership that it would influence some Republicans, including some people in the Trump Administration.
What is the job of Lufax then?
Its job is to influence politicians in previous U.S. administrations, families of those retired presidents. Do you understand?
They both have their different responsibilities, you know. For instance, Ye Jianming’s job was to take down Vice-president Joe Biden.
The CCP would never put their eggs in a single basket. They won’t bet on one side. The CCP always bets on both sides and all sides.
Whether it’s Lufax or Ant Financial, they both have plans to be listed on the stock market at the same time. Don’t forget.
Lufax is safe now but Ant Financial is in trouble. The CCP leadership at Zhongnanhai found that Lufax is likely on the winning side of the bets while Ant Financial is risky. They made the decision on which is the better choice for them.
This is their core decision and it is at the second level.
Jack Ma is really a big business crook in the world. He will be tried by the international community and the Chinese people. There is no doubt about it.
He will suffer an ending even more miserable than Xiao Jianhua and Wu Xiaohui of the Anbang Group, because he is a “red” businessman with political connections with the Chinese Communist Party, someone who, using his big data, has committed political and economic crimes and made illegal deals with the kleptocrats.
The damage caused by Jack Ma to people around the world, especially the Chinese people, to every one of us, is way beyond the value of a so-called great entrepreneur.
As I mentioned in my broadcasts before, in a capitalist society, the real entrepreneurs are those who can create real value and bring civilized benefits to society. It’s about creativity.
This businessman is working as an expanding agent, who has only helped with the liquidity.
No doubt Jack Ma is an outstanding businessman. Yet behind his success, there is collusion with politics, the theft of privacy, and helping the kleptocrats to rule and suppress the 1.4 billion Chinese, even at the cost of the world’s safety.
What Jack Ma has been doing is quite simple: From his big data to his Ant Group and Alibaba to his connections with the world’s politicians and officials, he is executing an intelligence initiative to control the free world through commercial operations.
These commercial operations are for the purpose of covering up the intelligence system. This is the true identity of Jack Ma.
Again, Jack Ma has used his identity to gain political protection in China. Meanwhile, politically he has gained so-called legal recognition from various interest groups through the transmission of financial interests under Chinese law.
Jack Ma does everything for his own benefits and safety. He has such aggressive tools as the big data and Ant Group under his control; this gives him the ability to control and rule over the west via the financial and intelligence systems.
This infiltration is an unimaginably destructive power in the west.
What’s going to happen to Jack Ma will become the focus of the world.
When things come along, you shall see that people like Jack Ma will be like street-running rats chastised by the entire world.
Everything is just beginning. The ambition of Jack Ma shall never succeed. Let’s wait and see!
By Miles Guo
Translation by staff
President Xi personally halted $37bn Ant IPO: Report
China’s President Xi Jinping personally decided to pull the plug on Ant Group’s $37bn initial public offering, the Wall Street Journal reported on Thursday, citing Chinese officials with the knowledge of the matter.
The decision to stop what would have been the world’s largest-ever IPO came days after the financial-tech giant’s billionaire founder Jack Ma launched a public attack on the country’s financial watchdogs and banks.
President Xi ordered Chinese regulators to investigate and effectively shut down Ant’s stock market flotation, the report said.
Jack Ma’s terrible week
This week should have made Jack Ma China’s richest man again, and the stock market debut of his company Ant Financial should have been the largest ever.
Things didn’t quite go according to plan though.
Ant was set for a dual listing on Thursday in Hong Kong and Shanghai worth about $34.4bn (£26.5bn).
Instead, the listing was suspended after a last-minute grilling from China’s financial regulators.
Mr Ma’s shares were reportedly worth about $17bn, and would have taken his net worth to roughly $80bn.
“This deal was not only cleared for take-off, the wheels were literally off the ground,” says Drew Bernstein, co-managing partner at Marcum Bernstein & Pinchuk, which advises Chinese companies.
Some analysts saw the move as an attempt by Beijing to humble a company that had become too powerful and a leader who had become too outspoken.
So how had Mr Ma – a man who came from meagre beginnings to become a symbol of China’s potential and its growing technological strength – become a threat?
Rags to riches
Mr Ma raised the ire of Chinese government officials at a financial technology conference last month in Shanghai, where he likened China’s state-dominated banking sector to “pawn shops” and lamented their lack of innovation.
In some ways it was vintage Jack Ma, according to Duncan Clark, the author of Alibaba: The House that Jack Ma Built.
“This is not the first time he’s gone off the leash. He just doesn’t like to follow a particular script or narrative. And he likes to be provocative, like any great storyteller,” he says.
And like many great storytellers, he often draws on autobiographical detail. He tells his own story as a tale of perseverance, but he never omits his failures and struggles.
He grew up poor in Hangzhou, struggled in school and failed his university entrance exams twice. When he tried to get work, he was knocked back by dozens of employers. He applied to Harvard 10 times, but never got in.
Perhaps most famously, he applied to work at KFC, only to discover later that of the 24 people they interviewed, he was the only one that didn’t get a job.
He passed his university entrance exam at the third attempt and went to teachers college. He stayed on for several years afterwards as an English teacher. And it was on a trip to the US as a translator that he first discovered the internet.
After one failed internet venture, he founded Alibaba in 1999 with loans of $60,000 he cobbled together from friends.
Alibaba went on to enormous success, dominating Chinese e-commerce and raising $21.8bn in its own initial share sale in 2014. He formally retired from Alibaba last year.
Nowadays, of course, he is not always regarded as David taking on Goliath.
“He’s made his living out of being underestimated. That’s getting harder. As you get more rich, and more powerful, expectations build,” says Mr Clark.
‘Sheer scale of interest’
Expectations had certainly built for Ant Group’s market debut.
Ant’s best known service, Alipay, started as Alibaba’s payment platform. It held payments in escrow until buyers had received their purchase. It was central to Alibaba’s growth, because it enabled buyers to feel safer shopping online. Now, it’s more widely used than cash or credit cards in China.
The company was spun off in 2011 and later rebranded as Ant Financial and then Ant Group. Alibaba suggested at the time the move was due to regulatory changes in China. Jack Ma took a large stake in the spin-off company, which expanded into other financial services such as insurance, wealth management and consumer loans.
Many analysts think it’s not vindictiveness by officials that scuppered Ant’s debut. Mr Ma’s comments may have been impolitic, Mr Clark says, but they weren’t the only reason regulators were concerned.
“My gut feel was that it was the sheer scale of the interest in the offering, and the way in which people were raising money, often through debt, to invest,” he says.
News agency Reuters reported that banks were lending vast amounts of money to retail investors.
Ant’s consumer finance division is more of a matchmaker than a bank. It makes loans to small businesses and retail customers, but passes those loans on to banks, which underwrite them.
Ant earns fees from the banks, but without the requirement to hold on to reserves, and with less risk to its own balance sheet.
Cautious Chinese regulators have been concerned for some time about the growing number of online lenders in China, and how they might affect the broader financial system.
Under draft rules published on Monday by the People’s Bank of China, online lenders must provide at least 30% of any loan they fund jointly with banks.
When the IPO was suspended the Hong Kong Stock Exchange said it was because the company “may not meet listing qualifications or disclosure requirements” and also suggested “recent changes in the fintech regulatory environment” might have been an obstacle.
“This is a really, really big deal. But I don’t think that China is going to bend for any one deal. They’re not going to put their financial systems at risk for one deal,” says Drew Bernstein.
The way ahead
It seems almost inconceivable that Ant won’t come back with a new prospectus and attempt another share market debut.
“The company’s going to have to restructure somewhat. Maybe commit some more capital to the loan division, apply for more licences. Then they’ll be able to come back to market,” says Mr Bernstein.
Some analysts think there will be pressure to spin off the consumer lending division altogether.
According to some estimates, Mr Ma personally lost billions when the share launch failed. But determination is a defining feature of his story.
A man who applied to Harvard 10 times seems unlikely to be dissuaded by a single rejection from regulators.
By Timothy McDonald