Alibaba's Jack Ma is 'liing'-_118941482_jack-ma1.jpg

Famous Chinese businessman Jack Ma 'lied' and avoided the spotlight. According to an Alibaba executive Joe Tsai, who co-founded Chinese e-commerce giant Mr Ma, he talks to him every day.He did really well. He paints as a hobby, and it's actually quite good,” Tsai said.

Mr Ma apparently disappeared after
breaking Chinese regulations in November.He is set to become China's richest man once again following the launch of two stock exchanges at Alibaba's Ant Group in Hong Kong and Shanghai. which is estimated at $34.4 billion (£26.5 billion).

What was intended to be the world's largest initial public offering was suspended by Chinese regulators at eleven hours, citing Reuters. "Key Points" About Company Control It is believed that Ma's criticism of China's financial sector in October sparked the move.Some analysts see it as an attempt by Beijing to humble a company with too much power and an overly outspoken leader.

at the financial technology conference Instead, he compared traditional banks to “pawnshops,” praising the advantages of digital banking. He reiterated that future lending decisions should be based on information. not collateral Ant Group operates Alipay, the main online payment system in China. which obscures cash, checks and credit cards.

antitrust probe

Following this, China has announced an antitrust investigation into Alibaba. which is China's largest e-commerce platform This resulted in Alibaba being fined $2.8 billion by Chinese regulators in April, which it said had abused its market position for years.

And two days later, Ant Group announced a major restructuring plan. Regulators are forced to act more like banks than tech companies.Mr Tsai, who is also the executive chairman of Alibaba. Said he disagreed with the idea that Mr Ma had become a maverick.