Beijing’s protracted dismemberment of Jack Ma Inc. continues. “Bridle on the horse” hardly describes this orgy of value destruction. This “horse” has suffered multiple amputations, performed without finesse by the Chinese government.
The Ma empire is worth half what it was 9 months ago. The process is not over. Beijing is now doling out some of the most lucrative slices of Ma’s business to new “partners” of its choosing, including one of the most corrupt and financially shaky companies in all of China.