Ant Fortune controversial ad sparks public outrage

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Ant Fortune, an Alibaba Group’s finance affiliate is facing public outrage after releasing a series of controversial advertisements.

The advertisements that aim to promote 16 fund companies have posters with a tagline “as you age, you are less forgivable for being poor.”

Ant Fortune advertisement‍

The short ads immediately provoked public rage and questions the company's unethical advertisement practice.

On one of China’s largest social media platforms WeChat, user @Zhangjian said “I have filed complaints to the Asset Management Association of China. It is a shame that such advertisement could get green light from all companies.”

Screenshot of comments on WeChat

“They are promoting twisted values without any moral standards, building a chain of discrimination and attacking people who are poor. If there are people who are not forgivable, it should be them,” user @Sanshuzhujiu said.

Ant Fortune soon apologized and took off the ads.

Photo from Sina.com

In the statement, it maintained, “We hope to encourage young people to pay attention to wealth management which could create more opportunities in life. There are many ways to advertise. However, we chose the least appropriate way.”

At the same time, the Asset Management Association of China on Monday responded that it feels pity and deeply regrets the negative impact of the ads on the industry. It calls on insiders to cultivate right investment concept and maintain high standards of professionalism and morality.

Screenshot of the statement released by AMAC

Securities regulatory authorities have reportedly stepped in and set up an inquiry to look into the problematic ads of the fund companies.