> China has several hundred billionaires
China allows these billionaires to exist as long as they play ball and toe the party line, because China still owns a controlling share in every Chinese company that exists.
> Ma is an icon in China’s tech industry, one of its most successful and recognizable figures at home and abroad. He was speaking weeks before Alibaba subsidiary Ant Group, owner of the world’s largest digital payments platform, Alipay, was due to go public in Shanghai and Hong Kong. It would have been the biggest initial public offering anywhere in the world. On November 2, 2020, a week after his speech, Ma was summoned for questioning by the same regulators he’d challenged from the stage. Days later, Ant Group’s $34 billion stock market listing was suspended. For nearly three months, Ma disappeared from public view.
https://www.wired.com/story/jack-ma-isnt-back/