Jack Ma back in China year after leaving limelight, triggers Alibaba stock surge

A star banker in China, a popular actress in the country and Alibaba founder Jack Ma are just a few of many people who abruptly missing from the limelight before remerging. Being one of Asia's richest men with investments in Indian startups as well, Jack Ma's disappearance after criticising Chinese banks for behaving like pawn shops, raised eyebrows globally.

This is why his return to China after leaving the country in 2021 is essential to build trust for the regime's commitment to support private firms.

While he was gone

In a year that he was away, the Chinese private sector saw a regulatory crackdown and the disappearance of a major banker Bao Fan.

Ma himself landed back in China after his stay in Japan and appearances in Thailand as well as Australia.

This development has had a major impact, triggering a 4 per cent surge in the stock prices of Ali Baba in Hong Kong.

Remerged as suddenly as he left

The founder of Alibaba and Ant Group made headlines by appearing at a school he had built in Hangzhou, while it isn't clear when he came back to China.

He entered the country after a brief stopover in Hong Kong, months after he decided to give up control of fintech firm Ant Group, as it faced regulatory action.

Earlier this month, Chinese President Xi Jinping announced the regime's changing attitude towards private players, by asking them to be rich and loving.

He also urged them to share profits more equitably with their employees, as the country recovers from a slowdown in growth.

Published on: Monday, March 27, 2023, 06:22 PM IST