With yet another record-setting IPO, wealthy tech magnate Jack Ma is growing over $34 billion, thereby solidifying his role in the world as being one of the booming tech entrepreneurs in the globe.
Ma seems to have had a truly revolutionary impact on China's Internet economy as well as on tens of millions of Chinese users through his e-commerce the Alibaba (BABA) and now the Ant Group. Duncan Clark, writer of 'Alibaba: The House That Jack Ma Built' and chair of financial advisory company BDA China, stated that it is impossible to go everywhere in China and still not recognize the influence of Alibaba and Ant.
The share sales of the financial technology firm Ant Group in Hong Kong and Shanghai, the highest in history, would propel Ma to the wealthiest elites of the world beyond striking distance. Bloomberg had predicted that the riches of the 56-year-old would eventually exceed $71.1 billion, placing him as the world's 11th richest person.
China's rise with Jack Ma
As a separate project to fill a gap in China's budding online shopping industry, Ma developed Alipay, the payments corporation which forms the core of Ant. The one and only choice available for many of these consumers and businesses were ineffective state-run banks with ratings for lousy customer service before Alipay was established.
It's more than just using an app or an online shopping website that Ma helped build. Ma helped create much more than just utilizing an app and or an online shopping platform. Clark has stated that a substantial number of Chinese "associate these products with the last ten years of rising prosperity."
"There's an emotional element to it."
Individuals can easily apply for and even make assessments on small loans with Ant. Only with a push of a finger, they also can shop for items, and even with as little as 1 yuan (15 cents), they can finance in large money market funds.
The launch of Ant could make Ma extremely wealthy
China internet analyst and board member of Race Capital, Edith Yeung, counted off a number of obstacles that were supposed to stand in the direction of his accomplishment: he is small, grew during the tumultuous Cultural Revolution in China, had no familial ties, had no Ivy League education, yet created Alibaba in 1999, two years before the dotcom market collapse.
"Chinese people look up to him because he looks just like us, and he [achieved] mega-success, Silicon Valley-style," Yeung added.
As per the Bloomberg Billionaires Index and perhaps the most prominent Hurun China Rich List released last week that Ma is now the richest man in China, and Ant's IPO will make him even wealthier.
Currently, the website of Alibaba conducts regular thrilling live-stream shopping occasions where millions of customers can purchase anything from make-up to mangoes while viewing on smartphones. Ma himself turned up to be interested in a live-stream challenge to market cosmetics in 2018 with a celebrity endorser.
The second time that Ma has orchestrated a record holder breaking IPO will also mark the business launch of Ant.
