Alibaba jumps 5% after billionaire Jack Ma resurfaces in 50-sec video

Publish January 21, 2021
finance & economy

Jack Ma just made his first public appearance in months as his tech empire continues to face scrutiny from Chinese regulators.
Alibaba shares jumped 5% at market open as founder Jack Ma resurfaced in a 50-second video clip on Wednesday after he was suspected missing for weeks.
Ma’s live-streamed video sent Alibaba’s Hong Kong shares up by as much as 8.5%. In the video, he can be seen addressing 100 rural teachers as part of a ceremony that recognizes exceptional educators in impoverished areas.
“Recently, my colleagues and I have been studying and thinking. We made a firmer resolution to devote ourselves to education philanthropy,” Ma said in the clip, according to Bloomberg. “Working hard for rural revitalization and common prosperity is the responsibility for our generation of businessmen.”
The billionaire, who is a former English teacher, seemed to embrace themes promoted by China’s Communist Party, Bloomberg said. He spoke about shrinking income disparities through a return of younger talent to rural areas.
The video was published online by Tianmu News, a subsidiary of the Zhejiang government’s official newspaper. Zhejiang province is home to Hangzhou, the city where Alibaba is based.
Ma had not made a public appearance or social media post since late October, just over a week before Alibaba’s financial affiliate Ant Group was scheduled to list on the Shanghai and Hong Kong stock exchanges. The IPO was blocked at the last minute by Chinese regulators, and his companies have since been targeted as part of an escalating crackdown on tech by Beijing.
Alibaba’s Hong Kong-listed shares surged more than 9% on Wednesday after the video was published. The gains put the stock on pace for its best day since last July, helping to erase some of the losses that have piled up since Ant Group’s IPO was pulled. The stock also powered a broader rally in Chinese tech stocks that trade in Hong Kong.
Reached for comment Wednesday, Alibaba referred CNN Business to a statement released by the Jack Ma Foundation, his philanthropic organization. The foundation said that Ma participated in an online award ceremony Wednesday for teachers called the Rural Teacher Initiative, which it created.
Ma, a former English teacher, has made education a priority for his foundation, which he has devoted more time to since retiring from Alibaba in 2019.
In the video, which Tianmu News said was filmed Wednesday morning, Ma is shown telling teachers that the traditional in-person celebration for the teaching initiative had been canceled because of Covid-19.
“We’ll meet again after the epidemic is over,” Ma said in the video. It also showed footage of Ma that it said was taken during a visit to an elementary school in Hangzhou earlier this month.
Ma’s whereabouts have been the subject of intense speculation in recent weeks. As Ant Group was preparing for the world’s largest initial public offering last fall, Ma accused authorities of stifling innovation and blasted the country’s banks for having a “pawn shop” mentality. Within days, regulators summoned Ma and Ant executives to a meeting and then shelved the IPO altogether.
The event in Shanghai where Ma made those remarks was the last time he was seen in public before Wednesday — a notable absence for a man who typically has no issue with the spotlight.
Alibaba is China’s most famous tech company but it faces a host of challenges that risk fundamentally changing it forever. Chinese authorities are investigating the company on antitrust grounds, while also pushing its sprawling financial affiliate, Ant Group, to overhaul its business.

qatar-tribune

Latest Stories

Two service projects begin in capital Sana'a

2020-11-10 04:00:00

SANA'A, Nov. 09 (Saba) - Deputy Prime Minister for Services and Development Affaires Hussein Maqbouli and capital Sana'a"...
Read More

Tamkeen Development Program: Empowering Yemeni Communities

2020-11-01 04:00:00

The conflict in Yemen has caused immense suffering and financial devastation in disadvantaged communities, leaving many dependent"...
Read More

Hodeida distributes solar systems for IDPs

2020-10-26 05:00:00

HODEIDA, Oct. 25 (Saba) - Hodeida province has started inaugurating the distribution of solar energy systems for internally displaced"...
Read More

YPC organizes press conference over detaining oil ships

2020-10-20 04:00:00

HODEIDA, Oct. 19 (Saba) - Yemen Petroleum Company (YPC) has organized a press conference at Hodeida port to review the repercussions"...
Read More