Founder of Alibaba
ALIBABA GROUP
0%
closure:0
opening:0
High:0
low:0
cycle:—
Page Quote News Graphs Company Profile Recommendations
More articles on the subject:
, Jack Ma, returned to China. And this is not “more news” – this could be a sign that the Chinese government’s crackdown on technology companies – and their powerful executives – may be easing.
Ma returned to China after spending about a year overseas, mostly in Japan, and has barely been seen in China since criticizing Chinese regulators in a speech in 2020. Following the news of Ma’s return, Alibaba shares initially climbed more than 3% in Hong Kong, but closed down 0.1%.
Ma’s return to China could be a sign that the government in Beijing recognizes the need to show a friendlier face to local entrepreneurs amid concerns about the broader economy. This may lead to an increase in the Alibaba stock, which should still benefit from the ease of the corona restrictions in China.
Still, investors are not expected to celebrate the event and will probably remain cautious. Alibaba shares initially surged in January this year when Ma relinquished control of Chinese financial technology firm Ant Group, hoping to clear the way for Ant’s long-awaited initial public offering. Those hopes have since faded, with Bloomberg reporting that the Ant IPO is unlikely to happen this year.
Comments to the article(0):
Your response has been received and will be published subject to the system policy.
Thanks.
for a new comment
Your response was not sent due to a communication problem, please try again.
Return to comment