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China’s Tech Titans Crumble At Xi’s Feet
Since peaking in October, Alibaba has now shed more than a quarter trillion in market value.
The company's shares dropped another 8% in Hong Kong Monday, coming off a weekend during which Beijing instructed Ant Group to return to its roots as a payment processor and "rectify" a number of alleged infractions.
As one headline touted, Ant's unicorn dreams have turned to nightmares.
Read more: Ant, Meet Sledgehammer
"Any doubts that Ant Group overstepped the mark are now laid to rest," Tim Culpa
Jack Ma should have read about what happened to Kondratiev…
I was thinking of Mikhail Khodorkovsky and Yukos, but same idea. Welcome to EM investing.
Works too.
Basically, living under these dictatorships, don’t forget your place. If you ain’t a politico, in control of serious, armed, manpower, tread lightly.
While the primary objective was certainly Xi bringing down the hammer on Ma, the Chinese government did have some legitimate issues about Ma’s disregard of the risks he would create for Chinese financial institutions.
Exactly. They do not want to have to bail out state-owned banks which have been lending money via the Ant platform.
Yet no evident breakdown in IEMG. Or, despite SOE bond defaults, in CBON. Investor demand for EM high.