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He might not have kept a newspaper bearing the history, but Alibaba founder Jack was not seen yesterday after a suspicious three-month disappearance from public life.
Representatives from the Jack Ma Foundation confirmed that Ma gave a virtual speech at a charity event celebrating rural teachers in China.
The image is valued at $ 58 billion
Speculation about its whereabouts has proliferated since it veered off the party line – “that’s what Xi said” – while giving a speech in October.
Ma, who has a history of advocating more market freedoms, feared he had gone a step too far by accusing China’s financial regulators of suppressing innovation in the tech sector.
- Ma and two senior executives from Ant Group (Alibaba’s financial subsidiary) were quickly summoned to a closed-door meeting with Chinese regulators.
- Then President Xi Jinping pulled the plug from the $ 34 billion Ant IPO, which would have been the largest in history.
Sigh: Despite the fact that Ma resigned from his official position at Alibaba in 2019, yesterday’s appearance was clearly meaningful to investors: Alibaba’s shares rose 8.5%, adding $ 58 billion to the company’s market value.
He ruled with an iron fist
This is not the first time that Shi has dealt with companies that have grown too quickly.
In 2018, China forced HNA Group to give up its hotel holdings, finance and technology, and to refocus on core airlines. It also took control of Anbang Insurance, directing it to core operations after the company expanded into investment products.
Not out of the woods: In December, regulators outlined a plan that would require Ant to scale back certain operations and put up large amounts of capital to support its financial operations.