Chinese mogul Jack Ma had the party set up.
Everything was in order so that the Ant Group (Alibabas financial arm) will begin in November 2020 its first sale of shares on the Hong Kong and Shanghai stock markets for a value of US$34.400 millones, in what would be the largest IPO in history.
But at the last minute, Chinese financial regulators suspended the operation over competition concerns in the market.
That is, they cut off the power, turned off the music, and sent the guests home.
The result was that the authorities demanded a restructuring of Chinas largest digital commerce and finance conglomerate, and Jack Ma, which used to be the symbol of the countrys entrepreneurial success, was out of the public eye for several months.
The unexpected decision caused a great international impact. But what probably few imagined at the time is that it was only the beginning of a government offensive for mark the limits to the tech giants.
Recently the president Xi Jinping He defended his campaign to impose greater control over firms in the technology sector at a meeting of the Steering Committee of the Chinese Communist Party, according to the official press.
Its goal, argued the Chinese leader, is to prevent irrational capital expansion and tackle wild growth of technology companies.
He also issued a clear warning: he will redouble his scrutiny on these companies.
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