October 28, 2021
Billionaire Alibaba founder Jack Ma reappears in Hong Kong - sources

Billionaire Alibaba founder Jack Ma reappears in Hong Kong – sources

By Kane Wu and Julie Zhu

HONG KONG Alibaba Group founder Jack Ma, largely out of public view since a regulatory clampdown began on his enterprise empire late final yr, is presently in Hong Kong and has met enterprise associates in latest days, two sources advised Reuters.

The Chinese language billionaire has been protecting a low profile since delivering a speech in October final yr in Shanghai criticising China’s monetary regulators. That triggered a sequence of occasions that resulted in the shelving of his Ant Group’s mega IPO.

Whereas Ma made a restricted variety of public appearances in mainland China after that, as hypothesis swirled about his whereabouts, one of many sources mentioned the go to marked his first journey to the Asian monetary hub since final October.

Alibaba didn’t instantly reply to requests for remark exterior of its common enterprise hours. Feedback from Ma sometimes come through the corporate.

The sources declined to be recognized as a result of confidentiality constraints.

Ma, as soon as China’s most well-known and outspoken entrepreneur, met no less than “a few” enterprise associates over meals final week, mentioned the folks.

Ma, who is usually primarily based in the japanese Chinese language metropolis of Hangzhou, the place his enterprise empire is headquartered, owns no less than one luxurious home in the previous British colony that additionally homes a few of his firms’ offshore enterprise operations.

Alibaba can be listed in Hong Kong, in addition to New York.

The previous English instructor disappeared from public view for 3 months earlier than surfacing in January, chatting with a gaggle of academics by video. That eased concern about his uncommon absence from the limelight and despatched Alibaba shares surging.

In May, Ma made a uncommon go to to Alibaba‘s Hangzhou campus during the firm’s annual “Ali Day” employees and household occasion, firm sources have mentioned.

On Sept. 1, pictures of Ma visiting a number of agricultural greenhouses in the japanese Zhejiang province, dwelling to each Alibaba and its fintech affiliate Ant, went viral on Chinese language social media.

The following day, Alibaba mentioned it could make investments 100 billion yuan ($15.5 billion) by 2025 in assist of “common prosperity”, changing into the most recent company large to pledge assist for the wealth sharing initiative pushed by President Xi Jinping.

Alibaba and its tech rivals have been the goal of a large-ranging regulatory crackdown on points starting from monopolistic behaviour to client rights. The e-commerce behemoth was fined a report $2.75 billion in April over monopoly violations.

Earlier this yr, regulators additionally imposed a sweeping restructuring on Ant, whose botched $37 billion preliminary public providing in Hong Kong and on Shanghai’s Nasdaq-fashion STAR Market would have been the world’s largest. – Reuters

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