After the allegation made by the authorities on the Alibaba Founder Jack Ma for allowing “illegal” actions on its Online Shopping Website, He defended by saying he does not want his multi-billion-dollar Company to be seen as a place for fake products.
Defending his company reputation Jack Ma said “We don’t want (to be) misunderstood by the world that we are not transparent. We don’t want (to be) misunderstood by the world that Taobao is a platform for selling fake products,” after the Beijing government took upon the Billion dollar company publishing a survey about the products that only a third of the products sold in Taobao’s consumer to consumer marketplace are genuine.
Taobao which approximately hold the market cap of 90 percent or more of the domestic market in China and also own Tmall.com a business to consumer platform was apparently charged with market order in China by THE SAIC (State Administration for Industry & Commerce).
The State Administration for Industry & Commerce publicly criticized the Company Alibaba and founder Jack Ma for allowing “illegal operations” to be carried out within their websites and slammed their executives to “overcome arrogance.”
Jack Ma on reply said that they have taken the feedback from the regulators body (SAIC) and making all the effort for change and also adding to his comments said that they have booked the case against the people for selling fake products and sent them to jail.
Alibaba is major Consumer and Shopping Website of China. It is often described as a Chinese version of the US company eBay which it surpassed a decade ago in Chinese market by effectively pushing them to relinquish in the Chinese market.
Jack Ma on Friday met with the SAIC director Zhang Mao, for reconciliation of the dispute. Jack Ma said after the meeting with the SAIC director “Doing business anywhere with any regulatory (bodies) you will have a problem, you have to talk, communicate, listen, change and push. This is what we are doing,”
Jack Ma, a Chairman of Chinese E-commerce giant Alibaba Group Holding and a former English teacher, replaced the title as the Asia’s richest man after the certainty of listing of his Company Zhejiang Ant Small & Micro Financial Service Group which had an estimated value of about $50 billion, Bloomberg report.
Jack Ma said at some point the company would list in Asia, but no decision on time or location has been confirmed. “Ant Financial is still a baby today with great potential. It’s just too early to talk about who it’s going to get married to,” Ma said. Asked if a listing would happen this year, he responded: “I don’t think so.”
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