Online Class Notes (Jesse) [W]

Last class we had mentioned some breaking news about Jack Ma’s Ant Group as its listing plan was postponed by China Securities Regulatory Commission. And I did some research for this as I wanted to know the detailed background. To be honest, it helped me to understand more about the business scope of Ant Group and China’s financial system which is strictly controlled by the government. Previously, Ant Group was a technology company with lots of technology developers until Alipay had been widely used as a mobile payment tool. After that, it had developed some items which is called “Huabei” and “ Jiebei” with similar function as credit card and bank loan. In the first half of 2020, the total loans of “Huabei” and “Jiebei” were 1.73 trillion China currency which is a huge number even in bank system. From statistic, lots of young consumer use “Huabei” and “JieBei” as its procedure is easy for application and the interest is similar to bank. But from government’s perspective, it is really risk due to the fact that it is not easy for monitor and will affect the financial system of China, so after talk with Jack Ma’s team, the China Securities Regulatory Commission announced that the listing plan of Ant Group would be postponed.

Last class we had mentioned some breaking news about Jack Ma’s Ant Group as its listing plan was postponed by China Securities Regulatory Commission. And I did some research for this as I wanted to know the detailed background. To be honest, it helped me to understand more about the business scope of Ant Group and China’s financial system which is strictly controlled by the government. Previously, Ant Group was a technology company with lots of technology developers until Alipay became widely used as a mobile payment tool. After that, it had developed some items which is called “Huabei” and “ Jiebei” with similar function as credit cards and bank loans. In the first half of 2020, the total loans of “Huabei” and “Jiebei” were 1.73 trillion China currency which is a huge number even in the banking system / in banking. According to statistics, lots of young consumers use “Huabei” and “JieBei” as its procedure is easy for application and the interest is similar to banks. But from the government’s perspective, it is really risky / it is a big risk due to the fact that it is not easy to monitor and will affect the financial system of China, so after talking with / after the government talked with Jack Ma’s team, the China Securities Regulatory Commission announced that the listing plan of Ant Group would be postponed.

Grammar

I went to the office and then I had a meeting.

Yesterday I taught Denise. Before yesterday I had taught Denise 20 times. Now I have taught her 21 times.

if your money is not enough – If you don’t have enough money, you can get a loan

Vocabulary

monopoly – when 1 company controls a whole industry
eg. The Ant Group has a monopoly on an industry – they control all of the industry

0.59 – zero point five nine
55.59 – 55 point five nine 

they will according to your credit score, give you money
based on – use sth to decide / act on sth
according to – the information comes from sb / some place

borrow – take
lend – give
eg. Can I please borrow your pen? Yes I will lend my pen to you.

the bank’s business will drop down  – the business will be impacted / will suffer / it will cause problems for the bank’s business 

they don’t think ahead / they don’t have foresight – don’t think of the future

term deposit – a bank account that you put money in for a long time, and then you can take it out (higher interest rate)

Pronunciation

mortgage – “mor gaj” 

Jack Ma – longer pronunciation