Posted on 10/20/2021 7:30:26 AM PDT by SeekAndFind
Alibaba shares surged more than six percent on Wednesday after billionaire founder Jack Ma was reported to be in Europe, fuelling investor hopes that the worst of China's regulatory crackdown for the internet giant might be over.
Ma has kept a low profile ever since mainland officials spiked what would have been a world record $37 billion initial public offering for Alibaba's financial group Ant last November.
That shock decision kicked off what became a cascading series of crackdowns by Chinese authorities on a host of tech and other industries deemed to have become too powerful, unregulated or monopolistic.
Ma's presence in Spain -- for a "study tour of the agricultural industry and technology related to the environment" -- was reported by the South China Morning Post, which is owned by Alibaba.
The paper said the 57-year-old, who retired from the role of Alibaba's chairman in 2019, was attending a series of business meetings in Europe.
It said he had also stayed in Hong Kong for "private time" with his family before his trip abroad, citing an anonymous source familiar with Ma's itinerary.
An Alibaba spokesperson declined to comment.
But the news sent Alibaba's shares soaring, closing 6.67 percent higher in Hong Kong on Wednesday. So far this month, the firm's share price has surged 23 percent as hopes rise the company is now out of the dog house with authorities in Beijing.
That sentiment has also helped buoy Hong Kong's stock exchange, which has been hammered by China's regulatory crackdown in recent months.
(Excerpt) Read more at news.yahoo.com ...
Horse Cloud, aka Jack Ma, is always ‘reported’ seen, but never actually seen photographed interviewed.
I'll bet the 'private time' had a lot of Public Security folks and some jail cells involved. He P.O.'d a lot of higher ups in Red China.
RE: Horse Cloud, aka Jack Ma, is always ‘reported’ seen, but never actually seen photographed interviewed.
I hope he isn’t the 21st century version of Elvis... :)
Up by $1.60 to $178 isn’t “soaring”
Clone ?
I hope he isn’t the 21st century version of Elvis
—
Many Chinese speakers believe he’s in an organ donor box - the pieces that is. He was too much of an independent thinker and free spirit and thus a liability to the CCP.
Wondering if ‘spiking’ Ma’s IPO had nothing to do with him, but rather keeping capital flight from getting too bad in the ailing Chinese real estate market? We’re now at the point where the Chinese market is collapsing, so maybe they’ve decided to cut Ma some slack?
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