Xi Jinping and CCP fear the emergence of another Ant Group, given it can become a parallel power centre and threaten the leadership of Xi Jinping. The witch hunt of Jack Ma and his Ant Group was a result of the vulnerability that the all-powerful Jinping felt. Now as the economic situation is precarious, and the country is faced with no solution to boost the economy in sight, CCP is all set to destroy ByteDance as it cancels its IPO.
TikTok parent ByteDance Ltd.’s plans for an initial public offering have been put on hold as it seeks to comply with regulatory demands from both China and the U.S., the South China Morning Post reported, citing unidentified sources. Xi Jinping is showing all the traits of Mao, as he tries to become the 21st-century Communist authoritarian of China. And after what he did with Jack Ma and his Ant Group just recently, the Chinese companies and capitalists have become extremely fearful and want to stay miles away from going for the Initial Public Offering (IPO).
