He didn't seem scared to me, and the "video tape out of nowhere" was a speech at the Bund Financial Summit in Shanghai : https://interconnected.blog/jack-ma-bund-finance-summit-spee...

Why would one of the richest men in China openly defying the most basic financial regulations, and then trying to strong-arm the regulators by IPOing as fast as possible before regulations could be finalized, thus making them hurt a lot more people, and almost getting away with it, scare the CCP? I don't know, you ask me. I have no idea how an authoritarian government could be threatened by one of the most powerful people in their society openly calling them incompetent, defying them, and trying to make laws ineffective. None at all.

One scenario would have been Jack Ma (along with family, of course) being outside China wile making the statement. Given his reach and popularity, that would have been a serious blow to CCP PR. He'd lose most of his billions, but this risk existed.

Most regimes and communist systems are paranoid. They'll make sure there wouldn't be another Jack Ma.