Translator: Yue Ying Wan Chuan
As Chinese Regulatory authorities are cracking down on its private sector, a few founders of famous private companies have been forced to step down from their executive positions.
Referring to Epoch Times 12th November News, “Common Prosperity” has been brought back and mentioned several times by the Chinese government. As this plan, it will target high-income earners and “encourage higher income groups and businesses to give back more to the community”. The business owners from private sectors and executives in the technology industry are very “cooperative” with the concept. The list up to the recent is Mr Chuanfu Wang, founder of BYD; Mr Huateng Ma, founder of Tencent; Mr Xing Wang, Founder of Meituan; and Mr Yining Zhang, Founder of Bytedance. All these Business owners above donate huge amounts of money to the government “voluntarily”.
However, under the China Government pressure, it is too naive to think that donation can exchange personal security. Therefore, a large number of executives of well-known private enterprises have actively or passively stepped down from their executive positions and handed over the management power.
According to the “SkyEye” App, Wuhan BYD Auto Co., Ltd. recently has undergone a number of industrial and commercial changes, Mr Chuanfu Wang stepped down as a legal representative of the company and board director and was replaced by Mr Long He.
Referring to Reuters, which recently cited informed sources, Mr Yiming Zhang, founder of ByteDance, has also withdrawn from the board chairman, replaced by Mr Rupo Liang. Mr Zhang had previously announced his resignation as chief executive officer (CEO) in May this year.
The video-sharing platform “Racer” also announced that the 39-year-old co-founder of the company, Mr HuaSu, resigned as CEO and was replaced by co-founder Mr Yixiao Cheng.
In addition, the founders of the three major E-commerce companies in China – Jingdong, Pinduoduo and Alibaba – have all stepped down from their board positions and handed over full management.
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