SHANGHAI (Reuters) – Alibaba Group founder Jack Ma was left out of a list of Chinese business leaders published by state media – contempt underscoring how far he has fallen from grace with Beijing.
China’s best-known businessman was not mentioned in a front-page article published by Shanghai Securities News. Instead, Ren Zhengfei of Huawei Technologies, Lei Jun of Xiaomi Corp and Wang Chuanfu of BYD were praised for their contributions.
It was published on Tuesday, when Alibaba will also release its latest quarterly earnings. The e-commerce giant did not immediately respond to a request for comment.
The catalyst for Ma’s current problems was a speech on October 24 in which he attacked China’s regulatory system, leading to the suspension of his Ant Group’s $ 37 billion initial public offering just days before the giant fintech’s announcement.
Regulators have launched an antitrust investigation in the technology sector, with Alibaba receiving much of the pressure, while stricter regulations for the Ant Group are also being considered.
Ma, who is not known for dodging the spotlight, subsequently disappeared from the public eye for about three months, prompting frantic speculation about his whereabouts. He reappeared last month with a 50-second video appearance.
Shanghai Securities News said that while some of the praised entrepreneurs have already behaved as “reckless heroes” in their efforts to break with an old and rigid economic system, they now lead “a group of companies that respected development rules and obey market rules. ”
Reporting by Brenda Goh; Additional reporting by Josh Horwitz; Editing by Edwina Gibbs