Jack Ma, founder of Alibaba, recently returned to mainland China after months of travelling overseas. He visited a school in Hangzhou, where his company is headquartered, and discussed topics such as AI. Ma’s public reappearance has been closely monitored by the Chinese government; earlier in November 2020, he openly criticized China’s regulatory system and shortly afterwards, the initial public offering (IPO) of Ant Group, Alibaba’s financial affiliate, was put on hold.
This came amidst a nationwide crackdown on tech firms and online gaming, which was started by Chinese authorities. It is widely believed that Ma’s speech was the triggering factor leading to the campaign. Following his statement, Alibaba was fined $2.8 billion for violating anti-trust regulations.
The recent return of Jack Ma seems to signal a shift in the government’s stance towards tech companies. Earlier this month, China’s new premier, Li Qiang, reaffirmed his commitment to supporting the private sector in a statement. In January 2021, Jack Ma reassigned the control over Ant Group, while the same month, a top Chinese central bank official signaled that the campaign had come to an end.
Alibaba is one of the world’s leading companies in e-commerce, technology, and retail. Founded in the late 1990s, the company strives to make it easier for people and businesses to buy and sell online. By leveraging technology, the firm has been able to become a major player in the Chinese economy. Jack Ma himself, the company’s founder, had become the richest man in China before stepping down as chairman in 2019 to focus on philanthropy.
