,On Oct 24 2020 during the Bund Summit in Shanghai, Jack Ma delivered his keynote address where he criticised China’s regulators’ saying “outdated supervision” of financial regulation was stifling innovation and its global banking rules were like an “old people’s club.”
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PEOPLE who have invested heavily on China stocks in the past two years must be wondering when did it all start to go wrong? After all, China did celebrate the 100th anniversary of the Chinese Communist Party recently on July 1.
Usually on such momentous occasions, one would expect China’s government to prop up financial markets and show the world its economic strength.Ironically, most Chinese stock market indexes are down year to date giving up the strides made for the better half of the year as seen in table 1.So, did it all start with Jack Ma?On Oct 24 2020 during the Bund Summit in Shanghai, Jack Ma delivered his keynote address where he criticised China’s regulators’ saying “outdated supervision” of financial regulation was stifling innovation and its global banking rules were like an “old people’s club.”
He called for change and said that Chinese banks had a “pawnshop mentality which affects many entrepreneurs.” Many suspected that this led to regulators scuttling Ant Group’s US$37bil (RM156mil) mega initial public offering (IPO) and the eventual three-month-long disappearance of Jack Ma.
Before Jack Ma, there was Dalian Wanda Group’s Wang Jianlin, (pic below) once Asia’s richest man with a net worth of US$46bil (RM194bil).(FILES) This file photo taken on April 26, 2017 shows Chairman of China's Wanda Group Wang Jianlin delivering a speech during the Signing Ceremony for the Strategic Partnership between Wanda Group and The Abbott World Marathon Majors in Beijing.Shares in a film unit of Chinese conglomerate Dalian Wanda Group were suspended from trading in Shenzhen after a dramatic fall on June 22, 2017 following rumours that banks would dump the firm's bonds. / AFP PHOTO / WANG ZHAO
He owned the largest cinema chain AMC (one of the popular Reddit meme stock in 2020/21) and had ambitions to overtake Disney but was hit hard when regulators embarked on capital controls to rein in capital outflow from China.
Businessmen who were taking on debts buying assets all over the world outside of China became a target.