Jack Ma tightens China government, orders to sell media business

 


The company also has stakes in media companies based in China. It also has a stake in Weibo platforms such as technology news site 36KR government-owned Shanghai Media Group Twitter, as well as several popular Chinese digital and print news entities.

Beijing, IANS. Jack Ma, the 25th richest man in the world, does not seem to have any difficulties. China's Xi Jinping government has ordered his group Alibaba to sell its media assets. The Wall Street Journal (WSJ) cited people aware of the case as saying that Beijing is concerned about the impact of the giant technology giant among the public in the country.

Alibaba made its foray into the media space last year by acquiring South China Morning Post. It is a newspaper that started in Hong Kong 118 years ago. The company also has stakes in media companies based in China. It also has participation in several popular Chinese digital and print news entities, along with a stake in Weibo platforms such as the technology news site 36KR, the government-owned Shanghai Media Group, Twitter.

In addition, Alibaba has also established a joint venture or partnership with the news agency Xinhua and a group of local government-run newspapers in the provinces of Zhejiang and Sichuan. According to the WSJ report, the Chinese regulator is concerned about Alibaba's expansion into the media world and has asked the company to come up with a plan to substantially curb participation in its media companies. At present, the government has not told what media assets Alibaba will have to sell. At present, Alibaba has not responded to this order of the government. The combined market value of Alibaba's stake in publicly listed companies is more than eight billion dollars. The report says, about $ 3.5 billion stake in Weibo Corp and about 2 in Bilibili Inc. 6 billion stake is included. Bilibili Inc. is a video platform that is very popular among Chinese youth.

This is how the dispute with the Chinese government started

Jack Ma had appealed to the Chinese government to make such a change in the system that does not try to suppress the effort to start new things in business. He called the global banking rules 'elders club'. According to media reports, this speech of Jack Ma was not liked by the Communist Party of China. Since then, their companies have been targeted.

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