Jack Ma's blunt words just cost him US$37 billion

Alibaba boss’ likening of Chinese banks to pawn shops may have cut too close to the bone

Mr Jack Ma said "systemic risk" is not the issue in China. PHOTO: AFP

(BLOOMBERG) Mr Jack Ma is a very busy man. China's richest man has been busy launching the world's biggest initial public offering (IPO). He has been busy preparing for Alibaba Group Holding's grandest four-day Double Eleven shopping extravaganza.

And yet two weeks ago, Mr Ma somehow found the time to opine on China's banking system at a high-profile financial forum in Shanghai, once again throwing himself into the eye of the storm.

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