Why Alibaba Has Fallen From Grace?

The anti-monopoly probe will use Jack Ma as the guinea pig the Communist Party was looking for  

Jack Ma might be under firing line for having spoken against
Chinese government and banking practices 

In a strange change of public perception, the teacher turned entrepreneur Jack Ma has suddenly become a 'villain', 'bloodsucking ghost'. The man behind the internet success called Alibaba business, is fondly called 'Daddy Ma' on the social media circuit. 

But off late, his fall out with the Chinese government has costed him his reputation in the public domain as well. It seems the government has problems with his growing business empire and probably with the fact, that he might not want them to have a share of it either. 

An anti-trust investigation is on the anvil. The Chinese government is trying to defame his powerhouse e-commerce company that he co-founded and over which he still holds considerable sway.

Even his fintech giant that he had spun out of Alibaba hasnt been spared, as government officials continue to circle Ant Group. 

Last month, authorities quashed Ant’s planned blockbuster initial public offering too. This comes after a public lashing that Ma let out. He had castigated financial regulators for being obsessed with minimizing risk and accused China’s banks of behaving like “pawnshops” by lending only to those who could put up collateral. This does not seem to have gone down well with Beijing.

China is known for its superiority complexes and the fact that it does not let conglomerates function independently. The government has huge control over how business is conducted and can ask for a share or support into government dealings, if need be. 

There has been growing resentment against the rich billionaire lot in China. It has been a building bomb, that seems to have wrongly exploded on a more peoples' oriented businessman like Ma. 

But it has definitely given a chance for the Communist Party to hit where it hurts the most. This could mean trouble in future, for entrepreneurs and private businesses under Xi Jinping, China’s top leader, who values servility and loyalty above everything else.

It seems that Jack Ma's outburst has gone against the basic grain of Jinping. There is definitely going to be more fireworks in the coming months. The anti-monopolistic probe is going to use him as the guinea pig and this is not the first time a country is doing this.