3min chapter

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#32 Alibaba: The House That Jack Ma Built

Founders

CHAPTER

The Chinese Mobile Payment Crisis

Jerry Yang bought Alipay for $50 million in 2011. He then moved the company into a domestic company that he controlled. The move was meant to insulate Alibaba from new licenses expected to be issued by PBOC. Jack's defenders argue that he was simply first to see what the regulatory wind was blowing.

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