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Corporate China’s shiniest star was just days away from seeing his Ant Group list on the stock market in a record $37 billion (28.40 billion pounds) deal, when Jack Ma chose to launch a blistering public attack on the country’s financial watchdogs and banks. It was this speech that set off a chain of events that ultimately torpedoed the listing of Ant, the fintech titan Ma founded.
While Ma might not have realised the impact his words would have, people close to him had been baffled to learn in advance about the tone of the speech he planned to deliver, according to two sources close to Ma. They suggested the 56-year-old soften his remarks as some of China’s most senior financial regulators were due to attend, but he refused to budge, believing he should be able to say what he wanted, the sources said. “Jack is Jack. He just wanted to speak his mind,” said one of the people.
