Chen Shaojie, the Chinese tech mogul and the owner of a live-streaming platform called DouYu has been missing since October. An investigation was on-going regarding some illegal content being showcased on his stream.
DouYu platform is backed by Tencent and has a market Capital of over $260 Million. Chen’s closed ones are also in the dark about his recent whereabouts. Authorities conducted a sweeping investigation into DouYu in May over concerns about pornography and other “vulgar” content.
What was the Chen Shaojie probe all about?
The local reports, subsequently carried by the Financial Times and the Alibaba-owned South China Morning Post based in Hong Kong, allege that Chen’s disappearance is related to discovery by authorities of pornography and gambling content on the platform.
Beijing has very strict laws when it comes to the social media appearance of such influential people. People get admired by their acts.
The illicit content on his website was informed to the Government officials by one of his followers which further led to a strict action against him.
The investigation saw his listed companies make $0.84 loss per unit. His investigation and prolonged disappearances have seen many senior officials get AWOL in the recent past too. Recently China reported a bribery case where the premier of ICBC bank Li Xaopeng was scrutinised.
Why is China running after its own billionaires?
Some say that China tightens its grips on Billionaires to avoid influence and concentration of power in single hands, effect of it’s foundation based on an utopian system where everyone is equal and a casteless society having no difference on the basis of hierarchy and wealth.
The Chinese Premier and the Chinese President cannot afford one single person gain unlimited wealth or power. In most cases it’s wealth.
Jack Ma, ByteDance and many other billionaires had disappeared in the past too but then later after a year announcements were made about their whereabouts and then a complete confirmation about their company getting detained was made.
Jack Ma was the richest Chinese and among the top 5 richest Asian personalities but as soon as the Chinese government sniffed about his unlimited wealth he was made MIA and then Alibaba.com was no where to be found.
Bao Fan one of the most wealthiest person in China was missing too but then later it was revealed by the Chinese media that he was co-operating. The disappearances by such personalities are often followed by the announcement that they are under tight scrutiny.
ByteDance probably the smartest creator who created TikTok one of the most consumed apps around the globe. Once the company claimed that it had nothing to do with the Chinese governance and started making huge revenues, China ushered them with similar way.
Beijing has had its ups and downs but now it is different. Billionaires will grow and eventually end up gaining more power. Following their principle of Utopian society is a good move psychologically but economically it might add salt to their wounds.
The world is watching Beijing’s response to their home-grown local billionaires the biggest question that might arrive is “What if it were us?”
Adidas, Nike, Apple and many other huge MNCs have left Beijing for what could be all very similar reasons. The government there interferes more rather than helping; which every big economy has done very well so far.
Chen Shaojie is the tip of the iceberg; a huge iceberg which is unseen by the world and a China which is unseen by the people. The primary question is, these billionaires they add huge revenues but also create employment. Now, does China curb their limits or help them grow and falsify their Utopian culture?