Question : Zhang Yiming has recently(May 2021) resigned from his post. The world of Chinese fintech has been thoroughly shaken in the past half year. Accordingly, arrange the events given below in chronological order and choose the correct option.
- Suspension of Ant Group’s IPO
- The record fine for Alibaba
- Resignation of Bytedance founder & CEO
A. 1,2 & 3
B. 3,2 & 1
C. 2,3 & 1
D. 3,1 & 2
Ans.(A)
Related facts
- Zhang Yiming has recently(May 2021) resigned from his post.
- The world of Chinese fintech has been thoroughly shaken in the past half year, be it the last-minute suspension of Ant Group’s IPO, the record fine for Alibaba or investigations into Meituan and Tencent.
- Zhang Yimin, the founder and CEO of Chinese tech unicorn ByteDance Ltd, parent company of tik-tok has become the latest Chinese billionaire to continue the trend of stepping down in an increasingly tough and uncertain regulatory environment for Chinese fintechs.
- ByteDance is one of 13 online companies that Chinese regulators have directed to follow stringent regulations in financial divisions.
- Resignation of Zhang, 38 years, who is one of China’s wealthiest entrepreneurs follows a similar pattern of Big Tech CEOs stepping back at the peak of their career.
- He has net worth of USD 35.6 billion as of 2020, according to Forbes.
- In 2019, founder of China’s largest e-commerce platform Alibaba Group Holding, Jack Ma resigned from his role as executive chairman at the age of 55 with a net worth at the time of US$45 billion according to Forbes.
By — Pankaj Pandey.