BEIJING China’s best-known entrepreneur, e-commerce billionaire Jack Ma, made his fortune by taking big risks. The former English teacher founded Alibaba Group in 1999, when China had few internet users. Online payments service Alipay launched five years later, before regulators said such businesses would be allowed. Both long shots grew to dominate their industries. Ma’s latest gambit backfired after he called regulators too conservative in an Oct. 24 speech and urged them to be more in...
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