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Jack Ma, Alibaba, and the Anti-Monopoly Probe: Taming China’s Burgeoning Tech Industry

January 28, 2021 Cameron Page 0

Introduction As a billionaire, philanthropist, and business magnate, Jack Ma is perhaps China’s most renowned post-Reform success story. In 2014, Ma’s Alibaba IPO set records as the world’s largest public stock offering, raising $25 billion in its New York release. Moreover, October 2020 saw the flamboyant billionaire come surprisingly close to pulling off a mind-boggling $35 billion dual-listed IPO in Shanghai and Hong Kong for his fintech juggernaut, Ant Group. Yet, Ma’s colossal Ant Group IPO was halted indefinitely by Chinese authorities in a move that is “clearly an escalation of coordinated efforts to reign in Jack Ma’s empire.” At the same time, Alibaba Group (NYSE:BABA) stocks continue to face fierce volatility amid momentous antitrust allegations. When more stringent antitrust regulations were imposed on Facebook, Twitter, and Google in recent months and years, they evoked a mere shrug-of-the-shoulder from investors. Yet, the announcement of a probe into Ma’s Alibaba empire […]