Alibaba Shares Surge As Jack Ma Finally Reappears After Months
Shares in internet giant Alibaba increased more than eight percent on Wednesday after billionaire founder Jack Ma finally made his first public appearance since November, ending weeks of speculation about his whereabouts after the company took a kicking from Chinese regulators.
Ma is one of Asia’s richest people with a fortune estimated at around $58 billion. He disappeared from the public eye after he was criticized in front of regulators for an October speech critical of China’s financial system.
A little while later, the record-breaking $37 billion IPO of his financial group Ant was spiked at the last minute by mainland officials in a shock move that some saw as revenge for Ma’s outspokenness.
China’s finance authorities have since directed Ant to change its business model and hack back its lending, insurance and wealth management services, while Alibaba is also the subject of an anti-monopoly probe.
The disappearance of Ma from the public eye set tongues wagging on his whereabouts.
However, a video clip released by Chinese financial news outlets on Wednesday showed him in a recording giving a speech to rural teachers as part of an awards ceremony organised by his charity.
Shares in Alibaba soared from 8.5 percent to HK$265.00 in Hong Kong.
In the speech, Ma praised China’s poverty alleviation efforts, a central target of the Communist leadership, and promised to dedicate more efforts towards helping rural teachers.
He said in a speech of his that; “My colleagues and I are even more determined to devote ourselves to education and public welfare.
“China has entered a new stage of development, and is moving towards common prosperity.”
Jack Ma, who was a charismatic former teacher and now an internet entrepreneur, retired as chairman of Alibaba in 2019 but has long attracted attention for his outspokenness, confidence and flamboyant antics, performing as a rockstar at company conferences.
