Jack Ma denies any role in China’s stock market crash

Updated: 15 Jul 2015
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Jack Ma, the founder and executive chairman of Alibaba Group, is denying media criticism that Hundsun Technologies Inc. is responsible for China's stock market crash.
 
The China Securities Regulatory Commission (CSRC) has visited the premises of Hundsun Technologies, which is controlled by Alibaba, over public concerns that its financing service may be unlawful.
 
Ma says he has not invested in the stock market for many years and feels that he and the city of Hangzhou are being wrongly targeted.
 
Ma also says he has been on overseas business trips recently and has had no time for China's stock market.
 
He adds that he had planned to share his personal tips for playing the stock market, but decided it was better to keep a low profile in that regard.
 
"Even if it's none of my business, someone will point a finger," he wrote.
 
The Hangzhou-based financial software company provides its HOMS system to assist over-the-counter share financing, a kind of leverage that can magnify both gains and losses.
 
According to a Hundsun spokesperson, HOMS is just a "technical tool" for private funds, and suggestions that the system triggered the chaos of China's stock market over the past weeks is "very much biased and unprofessional."
 
Sun Xuanzhong, a professor at China University of Political Science and Law, says the recent plunge in stock shares is due to a variety of reasons. It's a simplification to accuse one company or software of being to blame, he adds.
 
The CSRC says they are "looking for clues" as part of the investigation, without elaborating.
 
SOURCE: ecns.cn
 
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hppyromz Commented on 11 Mar 2017
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Hangzhou News

Hangzhou names US family city ambassador on world tour
Hangzhou names US family city ambassador on world tour
The Capaldi family of three from California, USA has been chosen as the ambassador of Hangzhou on a 30-day world tour....
Hangzhou to invite 2 families on free 30-day global tour
Hangzhou to invite 2 families on free 30-day global tour
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Richard Branson, Jack Ma share insights over breakfast
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About 630 monks walk for charity in Hangzhou
About 630 monks walk for charity in Hangzhou
Monks walk in a line during an event to mark the birthday of Buddha Sakyamuni in Hangzhou city, capital of East Chin...
Man donates body for charity and research in Hangzhou hospital
Man donates body for charity and research in Hangzhou hospital
The letter written by a man for his family before he died yesterday from heart failure has moved many people.  ...