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"Never an era without Jack Ma, only an era with Jack Ma within it!" This is the final tribute paid to Jack Ma by the People's Daily. In 1999, when he was still an English teacher, Jack Ma, along with 17 "disciples," founded Alibaba in Hangzhou. With the support of Masayoshi Son's $200 million investment, Alibaba has grown into one of China's internet giants over the past two decades, dominating dozens of industries and earning its place as a true behemoth.
According to Alibaba's financial report for the fiscal year 2021, the company recorded a staggering revenue of ¥717.2 billion, with a net profit exceeding ¥150 billion. Its profit-making prowess is unparalleled.
When Jack Ma founded Alibaba, he famously said, "Make it easy to do business anywhere." However, it's surprising to see that, after ousting intermediaries, Alibaba itself became the largest intermediary. With the formation of its monopolistic position and the introduction of the "choose one out of two" policy, along with the high-cost selling of traffic, many merchants on its platform have found it increasingly difficult to conduct their businesses.
Despite holding vast amounts of cash, Alibaba seems more focused on rapid wealth accumulation than on giving back to society, as evidenced by the Ant Group incident last year. For those familiar with Ant Group, its primary profit source is Alipay. However, Ant was trying to go public on the STAR Market under the guise of "tech finance." Once Ant goes public on the STAR Market, its market value is expected to exceed ¥2 trillion, creating a new wave of billionaires.
But should Ant encounter operational problems after going public, it could potentially trigger a "subprime crisis" akin to what the United States experienced years ago. Ant utilized a debt-to-credit market model to turn ¥30 billion in capital into a credit market with a size of over ¥300 billion, increasing it by a staggering 100 times. Worth mentioning is that, in the event of Ant's failure due to operational issues, Jack Ma's liability would be less than ¥10 million.
After the Ant Group incident, Jack Ma transformed from being "Father Ma" to a "capitalist Ma" and became the target of criticism from countless netizens. Nevertheless, Jack Ma's business empire did not stop expanding. At the end of last year, Alibaba officially entered the "community group buying" market, reaching into the ordinary citizen's shopping basket.
Several domestic internet giants are entering the "community group buying" field, using their vast data and advanced algorithms under the guise of technological innovation. To quickly establish a monopoly, they are attracting substantial capital and heavily subsidizing certain daily necessities, severely disrupting the normal pricing system in the market.
In response to the frenzied actions of internet giants in the "community group buying" sector, the People's Daily issued an urgent warning: "Don't just focus on the traffic generated by a few cabbages; the vast oceans of technological innovation hold far greater promise."
Following the People's Daily's warning, regulatory authorities imposed fines on several community group buying platforms.
Karl Marx once said, "Where there is a 100% profit, capital dares to trample over all laws of humanity." When capital reaches a certain scale, it is not necessarily a good thing for a country, as South Korea's Samsung serves as a vivid example, with its current leader, Lee Jae-yong, recently released from prison.
Not long ago, after a scandal involving a female Alibaba employee being sexually assaulted, the People's Daily issued another stern warning: "Don't think you can control everything, because this is China!"
As a member of the media, I have witnessed how Jack Ma ascended to the pinnacle and how his image crumbled. He claimed not to be interested in money, but Alibaba became synonymous with "exorbitant profits." According to publicly available information, since Alibaba went public, Jack Ma has cashed out at the "high point" multiple times. Just last year, he cashed out ¥43 billion at the peak of Alibaba's stock price.
As one of the wealthiest individuals in China, if Jack Ma does not follow the example of Pony Ma and work toward "common prosperity," making a real contribution to the country's development, then the collapse of his public image may not be deserving of sympathy. On the contrary, if Jack Ma wants to restore his reputation and Alibaba wishes to become a century-old enterprise, they must shoulder social responsibility and a mission alongside their emphasis on technological innovation.
In conclusion, Jack Ma's journey from a humble English teacher to the founder of an internet giant is remarkable. However, it is essential for individuals and companies of such immense influence to balance their pursuit of wealth with their responsibilities to society and the nation. Striking this balance will determine their place in history and the lasting impact they leave behind.
In this day and age, Jack Ma is undoubtedly an outstanding entrepreneur and business leader. However, as his career flourished, it also came more social responsibility. In a country like China, with a large population and diverse needs, the actions of internet giants not only affect economic prosperity, but also have a profound impact on social stability and people's well-being.
Looking back at Jack Ma's entrepreneurial journey, we can see that his original intention is to allow more people to participate in global business opportunities. However, with the rise of Alibaba, some questions began to surface. Cooperation with governments and regulators has become critical to ensure that internet companies innovate and compete while complying with laws and regulations, market fairness and consumer rights.
For Alibaba and other internet giants, higher social responsibility is not only a moral imperative, but also the key to safeguarding their long-term interests. Continued market share and increased profits may be profitable in the short term, but ignoring the long-term social and environmental impacts will ultimately lead to public distrust and increased regulation.
The Chinese government has been emphasizing the comprehensive construction of a modern socialist country and has put forward the goal of achieving "common prosperity". In this context, Internet giants have the responsibility to actively participate in and support the country's strategic goals and give back to society through technological innovation and sustainable development. This includes not only social welfare undertakings such as poverty alleviation, education, and environmental protection, but also maintaining the fairness and competitiveness of the market through fair competition and compliant management.
To achieve this, Internet giants need to strengthen internal regulation and self-discipline to ensure that their business activities comply with ethics and regulations. In addition, cooperation with governments and social organizations is also essential to formulate and implement relevant policies and promote the development of social good undertakings.
Most importantly, business leaders like Jack Ma and Alibaba need to set an example and inspire other businesses and entrepreneurs to embrace their social responsibilities as well. Only through joint efforts can a prosperous, equitable and sustainable future be achieved.
All in all, the rise of internet giants such as Alibaba in China is undeniable, but it comes with greater social responsibility. While pursuing business success, they must take social, environmental and ethical issues seriously and contribute to China's sustainable development and common prosperity. Only in this way can they leave a positive mark on history and achieve true greatness.
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