Jack Ma's news has been on the screen recently: speaking at the Bund Financial Summit on October 24, Jack Ma "bombed" banks as "pawnshop ideas", mocking the Basel Accord as a "club for the elderly" and stifling innovation. Pointed out that China's financial problems are not systemic risks, but the lack of a financial ecosystem, and said bluntly, "We now have a strong ability to manage, supervision is not enough, and good innovation is not afraid of supervision, but we are afraid to regulate in the way we did yesterday. We can't manage the airport by managing the railway station, we can't manage the future with yesterday's method. "

I was in Shanghai at that time, and I sighed that Mr. Ma really dared to say, waiting to be shelled.

The speech caused great controversy. Many China Finance Online Co Ltd people scolded Jack Ma for being "arrogant and ignorant", while some netizens shouted that Jack Ma was "well cursed." However, the matter is far from over: on November 2, the people's Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission and the State Administration of Foreign Exchange conducted regulatory interviews with Jack Ma, chairman Jing Xiandong and president Hu Xiaoming, who are the actual controllers of Ant Group.

On the evening of November 3, the Shanghai Stock Exchange announced that it had suspended the listing of ant technology group Science and Technology Innovation Board.

This interview is of special significance and a watershed in China's financial history. Since then, the so-called financial technology companies and Pratt & Whitney financial companies have entered a strong regulatory mode, and safety and stability have become the premise of doing business, and are expected to enjoy the same "treatment" as banks.

Teacher Ma took himself and Ant Financial Services Group to the ditch with this shot, but he had to fire it again. Why?

Teacher Ma buried a series of thunder in his speech.

As we all know, Jack Ma is the actual controller of Ant Financial Services Group. Once Ant Financial Services Group goes public, the wealth of his circle of friends can grow with it. However, Ant Financial Services Group also encountered the ceiling of the business model, which is the main reason why Jack Ma wants to fire. Why did Jack Ma say that "the bank is a pawnshop"?

Because pawnshops need to be mortgaged, but Ant Financial Services Group wants to do the work of "highly leveraged, unsecured, unlimited circulation", so Jack Ma emphasizes "credit loans". The ant cooperates with the bank, and the bank will discount the creditor's rights brought by the ant as collateral, so that you can't continue to play after several rounds.

Another way of asset securitization is to increase capital, which is required by the Basel Accord, but where do ants get such a large amount of their own capital? In other words, the two ways for ants to continue to expand their business in the future are blocked. Can Jack Ma not get angry?

Firing is inevitable. If it is not fired, ants will face doubts about performance pressure and growth space as soon as they are listed; if they can open a hole, they can continue to tell stories to the capital market, or at least maintain a high stock price before they and their friends reduce their holdings.

With Jack Ma's wisdom, there should already be all kinds of "plans" after firing, not to mention BABA's public relations, which is known as "Tian Tuan".

The first outcomeIs the best: Jack Ma's speech triggered regulatory loosening, ants get more room for development, continue to play the current model, or even play bigger, shareholders make more money

The second outcomeIt was medium: all parties laughed off Jack Ma's speech, and it was over.

The third outcomeIs the worst: trigger regulatory tightening, ants face business pressure, and even have an impact on subsequent share prices.

Now the fact is that "four departments interviewed Ma Yun, Jing Xiandong, Hu Xiaoming" is obviously Ma Yun opened a hornet's nest, triggered a big backlash of the entire regulatory system. A few days ago, the Financial Times of the central bank published an article entitled "potential risks and Supervision of large Internet Enterprises entering the Financial sector" by senior scholar Zhou Hale and hearty, but this person could not find any public information on the Internet. there was no popularity before, which is the weirdest and a kind of attitude.

On November 2, Guo Wuping, director of the Consumer Rights Protection Bureau of the Bancassurance Regulatory Commission, published an article in which he said, "at present, there is a lack of clear rules and requirements for the protection of consumer rights and interests of financial technology companies, and there is regulatory arbitrage. Improper competition with licensed financial institutions makes it difficult to effectively protect the rights and interests of financial consumers."

This is basically hitting teacher Ma in the face, which is not polite at all.

To make matters worse, the media pushed the news one after another on November 3: online small loans to solicit opinions, spend, borrow, will meet the regulatory "ceiling".

Online small loans are an important source of income for ants. The draft defines access conditions, sources of funds, leverage, two parameters and one control, as well as the requirement that a single household of a natural person should not exceed 300000. For Mr. Ma's bombardment of the Basel Accord, the aforementioned "opinions" directly responded: for the loan aid business, Internet small loan institutions are required to contribute 30%, and put forward a lot of regulatory requirements.

Teacher Ma felt good at the speech at that time, and it also attracted a large number of onlookers' likes. Now it seems that he buried the mine himself, and it was a series of thunder. The ant is mending the pot in an emergency, and since it has been interviewed, be sure to declare that this time it is not Ant Financial Services Group, but "the horse has been taken" (I think the meaning of "horse has been taken today" circulated on the Internet is not smooth).

Ant Group replied that it would further implement the interview opinions and continue to enhance the inclusive service capacity and contribute to the development of the economy and people's livelihood along the 16-character guidelines of "safe innovation, embracing regulation, serving entities, and opening up and win-win results".

In my opinion, these sixteen words mean that the myth of rapid growth of ants has essentially come to an end, and ants will enjoy bank-level regulatory treatment in the future, and there will be no more barbaric growth.

In the face of the urgency of financial stability, any so-called "innovation", "inclusive benefits" and "science and technology" should bow their heads or pull off their veils to reveal their true colors.

Sure enough, Jack Ma and we "will see you later."

The speech at the Bund Financial Summit was perhaps the most influential attempt of Jack Ma's life, but unfortunately, he lost the bet. There is a saying in "Shu Jian's gratitude and vengeance": deep affection is not longevity, strong extreme is humiliating, modest gentleman, gentle and moist as jade.

Read this sentence again. I don't know how Mr. Ma feels. Jack Ma is loyal enough, he has ideals and ambitions, he also has feelings, he hopes to supervise less, let ants run as soon as possible. However, different people, different stakeholders, from their own point of view of the boundary of innovation, the understanding of regulation is different.

A certain person may have a responsibility, be able to exercise self-control, and know how to properly control risks. However, if a large area of risk control is tied to the self-discipline and self-regulation of a person, a group, or a company, it will be too heavy for regulators who have a higher position and need to take greater risks, and need to consider multi-level, all levels, and regional risks.

Therefore, it is necessary to continue to reduce risk, leverage and discipline.

Therefore, criticism, interviews and tightening regulation are all due in the title, and Jack Ma should be able to anticipate that this is one of the endings.

Jack Ma retired on September 11 last year, but he did not serve as chairman of BABA Group, but he is still BABA's largest individual shareholder, with 6.2 per cent of shares, according to BABA's annual report for fiscal year 2019.

Jack Ma is also a director, permanent partner and member of the partner committee. At that time, many people praised Jack Ma for his understanding of the golden mean and great wisdom, so that Mr. Ma really wanted to send love to karaoke and Taijiquan. Jack Ma also said that he should pay more attention to education and public welfare from now on. ID in the open network was also registered as "spokesman for rural teachers-Jack Ma" and certified as "founder of Jack Ma Public Welfare Fund".

Teacher Ma left a famous photo in BABA's history. He gave a tearful resignation speech. "see you later," he said. At that time, many people did not understand what it meant, where were the rivers and lakes? How will we meet later?

But Ant Financial Services Group's executives and BABA's partners know very well that the horse track has gone down this mountain and climbed another mountain, the Ant Group.

Jack Ma has been brilliant for the rest of his life, from an unknown teacher to the richest man in China. After the ant goes public, he is expected to become the richest man in Asia.

He is the idol of countless entrepreneurs, and he has even changed the employment concept of many young people in remote areas. I have seen an excellent student in poor mountain areas whose dream is to "work for Jack Ma" instead of carrying iron rice bowls.

Jack Ma is only in his 50s, and his experience and personality determine that it is impossible for him to really retire at this stage. Ma's peer, Duan Yongping, who was born in 1961, chose a completely different path.

After 2001, Duan Yongping has retreated behind the scenes in Bubugao, controlling "Bubugao" as an investor. At the same time, Duan Yongping emigrated to the United States and made a lot of gains in the field of investment and philanthropy.

There is also a story about Duan Yongping and his four disciples. Now the four disciples have their own worlds: the big apprentice Chen Mingyong founded OPPO, the second apprentice Shen Wei owns Vivo, and the third apprentice Jin Zhijiang holds a small genius series of children's wear equipment. The little apprentice is the famous Huang Zheng, worth more than 100 billion yuan. Jack Ma does not want to write such a story, he prefers the happy life with his brothers The Smiling、Proud Wanderer.

In BABA, Ma Yun's flower name is Feng Qingyang. Feng Qingyang is a character in Jin Yong's martial arts novel The Smiling、Proud Wanderer. He is familiar with Dugu nine swords, has excellent swordsmanship and lives in seclusion in the cave behind Huashan. The windy solitary nine swords are "no way to win", that is, learners remember all the moves, then forget them all, and return to the original state of nature.

Ma Yun said that there are three main reasons for his success:No money, no technology, no planning.

Jack Ma requires the team to have the ability to come up with specific plans at any time, that is, "there is no way to win." Therefore, when he bombarded the financial regulatory system at the Bund summit in Shanghai, he just wanted to "have no way to win" and hope that the ants would have a chance to change the rules.

Unfortunately, he stood in Shanghai, not Huashan back Cave.

He is Mr. Ma Yunma. At most, he is Jack Ma, the richest man in Asia. He is not really a breeze. The interview is just the beginning, a series of policies of strong financial supervision are still on the way, the great changes in China's financial development are close at hand, and Mr. Ma has stood firm.

The famous sentence "knight-errant Walk" by Mr. Jin Yong is introduced as the end of this article:

The world is surrounded by rivers and lakes, and the world is smart and confused. When there is a storm in the field of fame and wealth, it turns out to be a loss.