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A year ago, Beijing initiated a comprehensive private sector reform and cancelled the initial public offering plan of Ant Group, which is also an Alibaba subsidiary founded by Jack Ma.
go through Bloomberg
Published on October 20, 2021
According to Hong Kong media reports, Jack Ma, the co-founder of Alibaba Group Holdings Limited, traveled to Europe for the first time since the government severely suppressed his technology empire.
According to Alibaba’s South China Morning Post, the 57-year-old billionaire is in Spain after staying in Hong Kong. The newspaper stated that Ma participated in a series of business meetings abroad, including visits to Spain’s agricultural and environmental technologies.
An Alibaba spokesperson declined to comment on Jack Ma’s whereabouts and referred the inquiry to its foundation. The foundation did not immediately respond to an emailed request for comment.
A year ago, Beijing initiated a comprehensive private sector reform and cancelled the initial public offering plan of Ant Group, which is also an Alibaba subsidiary founded by Jack Ma. Subsequently, e-commerce giant Alibaba came under antitrust investigation for allegedly abusing its market power. Jack Ma usually maintained a prominent image, but basically disappeared from public view in the next few months.
The Communist Party’s movement turned to other goals, including the food delivery giant Meituan and private tuition companies. Alibaba paid a record $2.8 billion in antitrust fines and promised to reform its practices.
Alibaba’s stock – and China’s technology stocks more broadly – has risen as investors bet that the most severe period of suppression is over. Alibaba shares soared 9.2% on Wednesday, up more than 30% from their lows earlier this month.
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