Masayoshi Son says China's crackdown on Alibaba is nothing different than antitrust regulations in US or UK
- Masayoshi Son, the founder and CEO of
SoftBank, and a long-time friend of Alibabafounder Jack Ma, said that the Chinese crackdown on Alibaba is the same as anti-trust regulations that have existed since a long time in the US or European countries.
- He said that in China, internet companies had a free hand, where they could do whatever they wanted.
- The regulators in Beijing have cracked down upon Alibaba and Ant Group, and the companies Ma founded are currently facing an antitrust probe for alleged monopolistic practices.
- Son said he also has been in touch with Ma but hasn’t talked about business.
Whereas in China, according to Son, internet companies had a free hand, where they could do whatever they wanted. “In the US, Europe or Japan antitrust policy is something that’s already there. In financial business, there’s the banking law, securities law, there are many rules and regulations. Within this framework you operate your business in a healthy manner. As you see some incidents or accidents, you learn lessons from there,” Son said during the
The SoftBank founder added that these rules are necessary to protect the citizens of China as internet companies become bigger.
AdvertisementThe regulators in Beijing have cracked down upon Alibaba and Ant Group, and the companies Ma founded are currently facing an antitrust probe for alleged monopolistic practices.
Earlier in November 2020, Alibaba and Ant Group's $34 billion initial public offering (IPO) was suspended by the Shanghai Stock Exchange. Ant Group, touted to be the world’s biggest IPO, was scheduled for a dual listing on November 5 — on Shanghai and Hong Kong bourses and it was halted in China with less than 48 hours to go.
Jack Ma, whose net worth is $60.7 billion, according to Forbes, was under scrutiny by the government of China, had not been seen in public for several weeks, until recently.
On asked whether Son had had any communication with Ma, the SoftBank founder said that the Alibaba founder likes to draw and has been sending him drawings. “Before I go to bed, now I also draw but I haven’t shown them to him yet. We don’t always talk about business, we also talk about hobbies, or just send regards,” he said.
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