Jack Ma Reappears after Two Months and Alibaba Shares Soar

Jack Ma Reappears after Two Months and Alibaba Shares Soar

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Chinese billionaire Jack Ma, founder of the internet giant Alibaba, reappeared in public after more than two months of absence, ending speculation about his situation and causing the company’s shares to rise sharply.

Chinese financial media released a video Wednesday showing Ma giving a congratulatory speech to rural teachers as part of an award ceremony for his foundation.

Following the video’s release, Alibaba shares closed 8.52% higher on the Hong Kong stock exchange.

 

The charismatic founder of the internet commerce giant had disappeared from the radar at the end of October after publicly criticizing the Chinese financial regulators.

This unusual gesture against the communist regime cost him a summons from the authorities, who at the last minute frustrated the company’s IPO, with which Jack Ma thought his fortune would exceed 70,000 million dollars (57,700 million euros) .

 

At the end of December, the State Administration for Market Regulation of China shook the Chinese business world again, where Alibaba and its founder symbolize the success of electronic commerce, by announcing that this internet giant would be investigated for “suspicious practices. monopoly “.

 

– Praise to the communist regime –

In his remarks broadcast Wednesday, Jack Ma praised the communist regime’s efforts to eradicate extreme poverty, a capital project of President Xi Jinping.

 

The billionaire said he was “more determined than ever to help education and the public good,” according to statements published by the information portal Tianmu News.

“China … has entered a new phase of development and is progressing towards common prosperity,” celebrated Ma, one of the richest men in his country.

 

The Jack Ma Foundation, aimed at helping education, confirmed that its founder, a former English teacher, participated in the online event with teachers and professors working in rural areas.

At 56, Ma officially retired from his group following his retirement in 2019. But he retains an undeniable influence in Alibaba and Ant Group through the portfolio of stocks he owns.

 

Public authorities are concerned about the power of technology groups and more particularly about incursions into the online credit sector, where they avoid the rules of prudence that public banks have to observe.

Ben Oakley
Ben Oakley is the guy you can really trust when it comes to Mainstream News. Whether it is something happening at the Wall Street of New York City or inside the White House in Washington, D.C., no one can cover mainstream news like Ben. Get a daily dose of Trustworthy News by Ben Oakley, only at Globe Live Media.