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Chinese authorities turn the heat on fintech tycoon Jack Ma

Photo of Forbidden City in China

The first few days of this year were rife with speculation that Alibaba founder Jack Ma had disappeared. But the fintech tycoon remains elusive, reportedly under supervision by Chinese authorities, the Asia Times Financial reported. Ever since he made a speech in October last year, Jack Ma has had several run-ins with the Chinese state and financial regulators. In early November 2020, the initial public offering of one of his companies, the Ant Group, was suspended by the Shanghai Stock Exchange. This was followed by China's central bank and antitrust watchdog turning the screws on the Alibaba Group and Ant Group as well as Ma himself. Scrutiny by authorities The first run-ins began when the People's Bank of China (PBC) tightened rules on online lenders introducing new measures on capital, licensing requirements, caps on loan rates and limits on the…

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