Govt is not a singular entity, not in US, not in China. Xi is one person and he can't run the whole country by himself.
I don't even think Xi's work involved any particular IPO, the stock exchange and regulators on that level rushed the process likely knowing what's to come and having huge amount to gain from it. Which made them competing interest against the central government, and in the murky waters local/lower level functionaries often win because central government can't focus on all of them.
This happened in Wuhan, with disastrous consequences. But the saving grace is when things no longer stay murky, that it has drawn the full attention of the central government, the center always win, often the opposition will just cease to exist. That has also happened in Wuhan/Hubei.
I don't disagree with your take. Xi isn't going to know everything that's going on.
It's just seems odd that it's a speech (and a relatively benign one from a layman's perspective) that set it all off. This was a world record setting IPO and I can't see China's leadership not knowing about it well in advance considering the international media attention it was getting far before it all blew up.
It just feels like there must be a lot more to the story.
Was Jack told he could have his IPO as long as he kept his mouth shut?
Was there something in the speech that directly contradicted what either Jack was told by leadership? Or what leadership had been telling the Chinese financial industry?
I don't even think Xi's work involved any particular IPO, the stock exchange and regulators on that level rushed the process likely knowing what's to come and having huge amount to gain from it. Which made them competing interest against the central government, and in the murky waters local/lower level functionaries often win because central government can't focus on all of them.
This happened in Wuhan, with disastrous consequences. But the saving grace is when things no longer stay murky, that it has drawn the full attention of the central government, the center always win, often the opposition will just cease to exist. That has also happened in Wuhan/Hubei.
This is likely the case here.