CHINA TECH TYCOONS
The mystery behind disappearing business tycoons in China
China's business tycoons are increasingly at risk as the government cracks down on powerful magnates who fail to align with the Communist Party's agenda. The latest case is that of Hui Ka Yan, founder of Evergrande, which is struggling with over $300 billion in liabilities. Hui has been placed under police surveillance and is being investigated over suspected illegal activities. This trend of disappearing business executives has become common in recent years, with high-profile figures such as Jack Ma and Ren Zhiqiang also vanishing.
View: India sees a shadow-banking boom despite China’s funk
Shadow banks in India are experiencing a surge in growth as they diverge from their counterparts in China. Mukesh Ambani's Jio Financial Services made its stock-market debut with a $19 billion valuation, while Bajaj Finance is the market leader with 29-31% asset growth. In contrast, shadow banking in China is facing a liquidity crunch due to a real estate slump.
Most of China’s economic problems now are not due to US restrictions — they reflect domestic structural distortions: Meg Rithmire
"Ironically, they did this with advice from Hong Kong real estate tycoons and other overseas Chinese businesspeople. Initially, these markets were more decentralised — that was then reversed as authorities got nervous about the instability that comes with dispersed market activity. The CCP designated municipal governments as the owner of urban land. They also recentralised tax revenue, overturning perceived inequalities among local governments but leaving almost all expenditure burdens, from infrastructure to unemployment insurance, etc., on the latter," Rithmire said.
Skepticism prevails as Chinese leaders promise to back private businesses to spur slowing economy
Chinese leader Xi Jinping's government is making ambitious promises to drag the economy out of that crisis of confidence aggravated by tension with Washington, wilting exports, job losses and anxiety among foreign companies about an expanded anti-spying law. Its most striking pledge: To support entrepreneurs who generate jobs and wealth but have felt under attack over the past decade as the ruling Communist Party built up state-owned industry, tightened control over business and pressured them to pay for its technology and industrial ambitions.
Jack Ma’s wealth dips $4.1 billion, dragged by Ant’s reduced valuation
Once China’s richest tech tycoon, Jack Ma may now be worth $30 billion, which is less than half of his peak wealth before the failure of the biggest IPO in history in 2020. Jack Ma’s 9.9 per cent stake in Ant Group Co is now estimated to be worth $4.1 billion less than almost a year ago, according to the latest update on Bloomberg Billionaires Index.
Tech rivals chase ChatGPT as AI race ramps up
Here is a roundup of how the world's biggest tech companies plan to surf the AI wave.
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Fri-yay for bulls! Investors add Rs 1L cr as Sensex surges 910 pts
Nifty50 rose 244 points or 1.38% to settle at 17,854; total market capitalization of BSE-listed firms surged to Rs 266.64 lakh crore
India and China — a 2023 tale of two markets
The world’s second-largest economy has seen equities slump by two-fifths since June 2021, thanks to Beijing’s isolationist Covid-19 policies, turmoil in the real-estate industry and a punishing antitrust campaign against the country’s valuable tech firms. If China has been mired in a surfeit of pessimism, the opposite is true of India. Thanks to pent-up urban demand after the pandemic, stocks have held up reasonably well despite the US Federal Reserve’s aggressive monetary tightening.
Can Gautam Adani win India with an app?
Tata Neu won’t be the only competition to beat. Adani’s bigger rival will be Ambani, who built his digital moat during the pandemic when money was pouring into tech. Asia’s second-richest businessman has access to 428 million telecom users, through his Jio mobile network.
Twilight of entrepreneurs in China as more leave the country
It has been a rough year for their company. A deal to sell a controlling stake to the Blackstone Group in New York fell apart when regulators failed to approve it. Soho China’s stock has lost more than half its value in the past year.
Tencent chief causes stir with repost of article on China's economy
The article, which Pony Ma reposted early on Saturday, lamented that there were few people in China willing to speak up about the pressures facing the country's economy and businesses.
HDFC Bank move: A financial mega-merger that’s all in the family
HDFC Bank’s Chief Executive Officer Sashidhar Jagdishan is confident that the acquisition won’t sacrifice flexibility. “Elephants can dance as well,” he says.
China’s tech moguls see $80 billion of wealth evaporate in 2021
The country’s 10 richest tech tycoons lost $80 billion in combined net worth in 2021, according to the Bloomberg Billionaires Index, amid widescale crackdowns by Chinese regulators.
Jack Ma, Trump and Xi: How Chinese billionaire flew close to the sun
Now, to the cautious cheer of investors, the billionaire Alibaba ecommerce tycoon is taking his first tentative steps back onto the global stage with a low-key trip to Europe where he's cultivating like horticulture.
Water tycoon is China's richest as wealth crackdown batters Jack Ma
Bottled-water tycoon Zhong Shanshan has become China's wealthiest person, according to an annual ranking released Wednesday. He is worth $60.5 billion, according to the Hurun Rich List, up seven percent.
How China Evergrande's rags-to-riches founder is trying to save his empire
It’s a stunning reversal for a man who fought his way from poverty in rural China to build one of the world’s largest property companies.
Evergrande: Xi is hemmed in; China’s capitalism is as debt-fuelled as West’s, and as difficult to reform
For much of this year commentators have been warning that falling yields suggest the bond market is increasingly irrational, out of touch with a rapid global recovery and misled by heavy central bank buying or the ebbs and flows of the pandemic.
China chases 'rejuvenation' with control of tycoons, society
Since taking power in 2012, Xi has called for the party to return to its "original mission" as China's economic, social and cultural leader and carry out the "rejuvenation of the great Chinese nation." The party has spent the decade since then silencing dissent and tightening political control.
SC issues notice to centre on Pegasus
The government has so far denied conducting “illegal surveillance” but is yet to answer the most important question: did it use Pegasus to spy on its own citizens or not?
From Zomato IPO to Flipkart funding, India’s tech moment arrives
A record bout of fundraising and a slew of upcoming startup IPOs has shifted focus to Indian technology startups even as investors are spooked by China’s crackdown on its own tech companies.
Flush with unicorns, India’s tech moment has arrived
Unlike China, where online usage is much more developed, many of India’s 625 million internet users are just dipping their toes into the world of video streaming, social networking and ecommerce. Opportunities in online shopping are particularly attractive, as ecommerce accounts for less than 3% of retail transactions. Tech startups in India are still paying to build supply chain and delivery networks.
China's Ant explores ways for Jack Ma to exit as Beijing piles pressure: Sources
Ant denied that a divestment of Ma's stake was ever under consideration. "Divestment of Mr. Ma's stake in Ant Group has never been the subject of discussions with anyone," an Ant spokesman said in a statement.
Where is Jack Ma? Business tycoon MIA since October, name removed from his own show website
The 56-yr-old didn't show up for the finale of ‘Africa’s Business Heroes’.
China orders Ant Group to return to online payment roots
China's central bank summoned Ant executives over the weekend and demanded the company "strictly rectify" its lending, insurance and wealth management services, according to a statement released on Sunday.
China stocks dip as anti-trust probe into Alibaba hits tech shares
China's blue-chip index CSI300 fell 0.1% to 5,000.02, while the Shanghai Composite Index lost 0.6% to 3,363.11. The tech heavy STAR Market dropped 2.1%, while the CSI TMT Index fell 1.5%
Jack Ma: Tycoon who soared on China's tech dreams grounded by regulators
Ma, the most recognisable face in Asian business with a fortune estimated at around $58 billion, has already faced the ignominy of having the world's biggest-ever IPO spiked by Chinese regulators days before its launch.
Like US and China, India must ensure that foreign tech companies here are locally owned
India could learn from both countries, requiring that Facebook India be sold to one of India’s tech tycoons. This would be one step to ensuring that all data be kept locally and tightly protected, and that the algorithms that determine the information that users will receive – which, after all, influences their behaviour -- truly reflect India’s culture and values.
Indian-born cyber tycoon Jay Chaudhry climbs into world's richest list
Jay Chaudhry founded Zscaler more than a decade ago after setting up and selling four other cyber startups.
Azim Premji, Shiv Nadar in Forbes list of 100 richest tech tycoons
The '100 Richest Tech Billionaires In The World 2016' list has been topped by Microsoft founder Bill Gates with an estimated fortune of USD 78 billion.
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