Jack Ma, the founder of billionaire Alibaba, has been missing for months. She has not been seen since late October until Wednesday, that is, on Wednesday, when she made her first public appearance in nearly three months. She spoke via video on a philanthropic event called the Grameen Teacher Initiative. Ma gave a speech to a group of teachers from schools in rural areas of China. Ma addressed 100 village teachers, who were selected to receive praise from the foundation. In the video, Ma appears relaxed, and remarks that the coronovirus epidemic prevented her from personally meeting teachers this year. This pacified Bakbak that something was suspicious due to Ma’s disappearance. On the news of Ma being alive and recovering, Alibaba shares closed up 8.5% on Wednesday.
This was Ma’s first public appearance since October 24, 2020. That day, he gave a speech at a financial forum in Shanghai that angered the Chinese government. In that speech, Ma declared the rules bad to promote innovation. He also called for regulators who implement the system “an old man’s club.” The government then began to see Ma’s empire. Ma and two Ant Group executives were called to a closed-door meeting by China’s financial regulators. The Ant Group’s highly anticipated IPO was expected to raise more than $ 34 billion. However, Chinese President Xi Jinping decided to cancel Ant Group’s IPO in both Hong Kong and Shanghai. Ant Group’s IPO was expected to be the world’s largest. Chinese regulators also launched an investigation on Alibaba, accusing the e-commerce site of being anticompetitive. Ma is at a low level since that October 24Th The speech that closed this series of events.
According to people close to Ma, she remains in mainland China and has been in Hangzhou, Beijing and Sanya since late October. He has also been in contact with his close friends and top officials in Alibaba and Ant. It was reportedly a decision to reduce.
Wednesday’s event was organized by Ma’s foundation. He stepped down from Alibaba in September 2019 to focus on the return of education and philanthropy. He laid his foundation in late 2014 to provide support to children in rural areas, child development, young entrepreneurs and environmental causes. Employees of Ma’s companies slammed him on Wednesday. This was the signal they needed that Ma was just less late and not afraid, as detained by Chinese authorities.
Authorities in Beijing are still trying to close at least part of Ma’s empire. Under Chinese law, the country can seize some or all of Alibaba and Ant if they determine that Ma has run its ever-changing rules and laws. Regulators are still too focused on ants to rule. The company grew very quickly to the liking of the government and now wants it to re-fit its business model into strict Chinese banking regulations.
Ma has become the target of the Chinese government as he advocates for an open, market-driven economy. Many believe that the cancellation of the Ant Group IPO is a retaliatory move to its speech against China trying to stop the startup’s launch and growth.
The same day Ma revived, People’s Bank of China issued new rules for nonbank payment companies that could threaten to shut down or greatly disrupt Ant Group’s Alipay platform. The regulations state that a company that dominates the electronics payment market may be forced to break or face regulatory scrutiny. For the fiscal year ending in June 2020, Alipay managed more than $ 17 trillion in digital payments.