Explainer: Why did Jack Ma leave China and settle in Japan, why is the Jinping government after him?
Jack Ma In Tokyo Japan: Chinese billionaire Jack Ma has left his country. At present, he is living in Japan and has also kept his family and personal chef with him. Jack Ma was once the richest man in China but a tussle with the government took a toll on his business. Jack Ma is currently looking for new business opportunities and has handed over his company to young hands.
Highlights
⏩ Seen with his family at a ski resort in a rural area not far from Tokyo.
⏩ In 2020, since the strictness of the Chinese government agencies, they go to public places less.
⏩ Earlier, he was often seen giving motivational speeches to the youth.
New Delhi. Jack Ma, who was once considered an example of wealth and success in China, has now left his country. Jack Ma, the founder of a veteran e-commerce company like Alibaba, has been rarely visible since the year 2020, and recently there has been news of his being in Tokyo, the capital of Japan. About two years ago, the Chinese government started imposing restrictions on him on the charges of breaking many rules and expanding business indiscriminately.
According to the Financial Times, Jack Ma is currently living in Japan with his family. He was seen with his family at a ski resort in a rural area not far from Tokyo. He also goes on frequent trips to America and Israel. 58-year-old Jack Ma has rarely appeared in public places since the crackdown by Chinese government agencies in 2020. Earlier, he was often seen giving motivational speeches to the youth.
Recent reports say that Jack Ma, who lives near Tokyo with a very low profile, has also kept a personal chef and security with him. He is also keeping his distance from most public programs.
Bad days started with a statement
Everything was going well with Jack Ma and he had reached the rank of the third richest person in the world. But his bad days started with one speech. In fact, Jack Ma strongly criticized state-run banks and their system during an event in Shanghai in October 2020. He had also asked the financial regulators to make changes in the system of interest. The ruling Jinping government was infuriated by this statement and put all the government agencies behind them.
The world’s biggest IPO got stuck
After this statement, investigations started against Jack Ma’s company Ant Group and Alibaba, due to which his plan to bring IPO was also put on hold. Jack Ma’s Ant Group was about to bring an IPO of $ 37 billion (about Rs 3.5 lakh crore), which would have been the world’s largest IPO. But after an investigation, Chinese government agencies banned their IPO and imposed a record fine of $ 2.8 billion (about Rs 24 thousand crores) on Ant Group.
Jack Ma also came to India
Jack Ma had also come to India in search of business opportunities before the differences with the Chinese government started and he met Prime Minister Narendra Modi in the year 2015. The headquarters of his company Alibaba is in Shanghai and he also has a residence in the nearby city of Hangzhou. Ever since his dispute with the Chinese government started, Jack Ma has been seen many times in many countries like Spain and Netherlands.
The journey from poverty to riches and then retirement
Jack Ma was born into a very poor family, but he traveled to become the richest person in China with hard work and the right vision. However, when he was at the peak of success, he announced his retirement in the year 2019. Jack Ma said that while working, he wanted to die not on the office table, but on a beach. After this, the dispute with the Chinese government started imposing various restrictions on his business. The Chinese government said that this step is being taken because of their unfair business practices and affecting market competition.
Many billionaires in China are planning to leave the country
The newspaper Morning Post, originating from Hong Kong, recently claimed that on the lines of Jack Ma, some other billionaires of the country are preparing to leave China. It was said in the report that due to the extension of Xi Jinping’s tenure for another 5 years, there is an atmosphere of fear among the industrialists of the country.
Jack Ma is now looking for new opportunities
Sources associated with the matter say that Jack Ma is currently looking for business opportunities outside Alibaba and Ant Group and is working on ways to expand his business by staying in Japan. For the time being, he has put the responsibility of both companies on the shoulder of a young man. Jack Ma, who has been living in Japan for about six months, is working towards rekindling his ties with SoftBank, which has taken a majority stake in Alibaba.
