Jack Ma, founder of the multi-conglomerate e-commerce company, Alibaba, has recently returned to mainland China on Monday, to the school that he and his partners started in Yungu, Hangzhou. Ma gave a deeply personal speech about the importance of technological advancements and learning, in what appears to be a government attempt to calm the private sector and its anxieties.
Ma’s been out of the public eye since November 2020, when he made a speech in Shanghai that was critical of Chinese regulators and financial systems, which led to a clampdown by the government. This included the halting of Ant Group’s initial public offering that was expected to raise 34.5 billion US Dollar, and an antitrust fine of 2.8 billion US Dollar to Alibaba.
Price Li Qiang, China’s premier, has expressed to support the businesses and investors in the country, claiming that the government is unfaltering in its mission. Ma, who voluntarily stepped down as Alibaba’s chair in 2019, dedicated himself to philanthropy and good causes. In January, he had to give up control of the financial technology affiliated Ant, due to the way their shares were held.
The company Alibaba was founded by Ma in the 90s, and he became one of the richest people in China. It is estimated to be worth over 460 billion US Dollar, and is the backbone of the Chinese tech industry. The government’s reputation for strict regulations and COVID-19 policies has hampered the economy in its development, but the news of Jack Ma returning to mainland China occurs at a desirable time to buoy up the public’s morale.
