China’s government shocked the fintech industry by introducing firm financial measures, similar to the banking sector. Ant Financial even had to cancel its massive IPO. But what we have seen is only the start of more government action to regulate the internet, says fintech expert Sara Hsu in the Diplomat. Managing capital and data are key elements.
China counts more than 1,000 billionaires in US dollar terms, overtaking solidly the US, according to the Hurun Rich List ranking. “We’re currently in the heart of a new industrial revolution, with new technologies including artificial intelligence, blockchain, cloud, data and e-commerce creating new opportunities for entrepreneurs and leading to a concentration of wealth and economic power on a scale never seen before,” said Hurun Report Chairman and chief researcher Rupert Hoogewerf, according to Shine.
Western media have been speculating about the whereabouts of Alibaba’s founder Jack Ma after he disappeared from the limelight months ago. Ma did get a dressing down from the government after he ushered criticism, says Shanghai-based business analyst Shaun Rein to AP. Ma is laying down, but there is no reason he is in real problems, Rein adds.
China internet guru Matthew Brennan summarizes his bestseller Attention Factory: The Story of Tiktok and China’s Bytedance and explains how Tiktok developed from a successful domestic tool for millennials into a short-video platform that even caught the attention from US President Donald Trump.