Entrepreneur’s itinerary considered a barometer of China’s attitude towards private business
Author of the article:
The Associated Press
Zen Soo
Published Mar 27, 2023 • Last updated 16 hours ago • 2 minute read
Jack Ma, the billionaire founder of e-commerce site Alibaba, returned to the Chinese mainland following several years of travel. He has kept a low profile with few public appearances since November 2020, when he publicly criticized China’s regulators and financial systems during a speech in Shanghai. Photo by Charles Platiau/Reuters HONG KONG — Alibaba Group Holding Ltd. founder Jack Ma has resurfaced in China after months of overseas travel, visiting a school on March 27 in the city where his company is headquartered and discussed topics such as artificial intelligence.
Advertisement 2 This advertisement has not loaded yet, but your article continues below.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada.
Unlimited online access to articles from across Canada with one account Get exclusive access to the National Post ePaper, an electronic replica of the print edition that you can share, download and comment on Enjoy insights and behind-the-scenes analysis from our award-winning journalists Support local journalists and the next generation of journalists Daily puzzles including the New York Times Crossword SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada.
Unlimited online access to articles from across Canada with one account Get exclusive access to the National Post ePaper, an electronic replica of the print edition that you can share, download and comment on Enjoy insights and behind-the-scenes analysis from our award-winning journalists Support local journalists and the next generation of journalists Daily puzzles including the New York Times Crossword REGISTER TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience.
Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Ma founded e-commerce firm Alibaba in the 1990s and was once China’s richest man. He has kept a low profile with few public appearances since November 2020, when he publicly criticized China’s regulators and financial systems during a speech in Shanghai.
Financial Post Top Stories Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.
By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300
Shortly afterwards, authorities put the brakes on the initial public offering of Alibaba’s financial affiliate Ant Group, which had been set to raise US$34.5 billion in what would have been the world’s largest share offering at the time. Alibaba was later investigated and fined US$2.8 billion for breaching antitrust rules as Chinese authorities cracked down on the once-freewheeling technology industry.
In the past year, Ma has been travelling, with reports of sightings in Europe, Japan, Thailand and Hong Kong. His itinerary has been closely watched as a barometer of Beijing’s attitude towards private businesses.
Advertisement 3 This advertisement has not loaded yet, but your article continues below.
On Monday, Ma visited the Yungu School in Hangzhou, in eastern China, that was established by Ma and other partners of Alibaba, according to a WeChat post by the school. Ma discussed technologies such as the artificial intelligence chatbot ChatGPT, and spoke of his passion for learning.
Alibaba did not immediately respond to a request for comment.
The Chinese government has been seeking to raise confidence in the private sector after regulatory crackdowns, on technology, education, online gaming and financial companies, and harsh COVID-19 restrictions slowed the economy.
Recommended from Editorial ‘More stuff means less happiness’: Twitter’s former board chair Patrick Pichette strives for a simpler life ‘Woke people have taken over’: Home Depot’s billionaire co-founder Bernie Marcus is worried about capitalism Earlier this month, China’s newly appointed premier, Li Qiang, sought to reassure entrepreneurs and investors by saying the government would provide “unswerving” support for the private sector. The commitment to this was “unequivocal and steadfast,” he said.
Ma stepped down as Alibaba chairman in 2019, saying he hoped to focus on philanthropy. In January, he ceded control of Ant, the financial technology firm, amid a revamp of its shareholding structure.
The same month, a top Chinese central bank official said that the crackdown on the internet industry was “basically” over.