New rules means sector smack-down – down~$254 billion in value as the red commissars jump on fintech monopolies. Shanghai’s Star 50 index dropped 2.7% on Wednesday
Unlike the US where tech oligarchs run the state, the Red Ponzi periodically jerks the chain on their tech billionaires before they become too powerful to control.
Liang Tao, vice-chair of the CBIRC: “In areas where market monopoly problems exist, we should learn from international experience, strengthen our anti-monopoly examinations and ensure that a fair market order is maintained.”
The Ponzi’s decision to unilaterally cancel the Ant Financial IPO lines right up with today’s policy announcement. Lucky for Jack Ma the commissars didn’t just cancel Jack.