Ricochet is the best place on the internet to discuss the issues of the day, either through commenting on posts or writing your own for our active and dynamic community in a fully moderated environment. In addition, the Ricochet Audio Network offers over 50 original podcasts with new episodes released every day.
The title of the story in the Wall Street Journal on Tuesday is: “Ant Falls in Line as China Tightens Oversight” (behind paywall).
For those who don’t recognize the name, Ant Financial is the financial technology (fintech) arm of the great Communist Chinese company Alibaba, and it is run by Alibaba’s former CEO, billionaire Jack Ma. Last year, Ant Financial was right on the cusp of going public, at an estimated value of $300 Billion. Less than three days before that, the Communist Chinese government put a halt to it, claiming that the company was violating its laws. There was also the issue of the speech Mr. Ma gave, mocking and criticizing the Chinese financial regulators. We all know that Communists don’t have much of a sense of humor. Here is a selection of quotes from the article, describing the new way that Ant Financial will be doing business.