After months of absence abroad, Jack Ma, founder of Chinese e-commerce giant Alibaba, has returned home to mainland China and made a visit to Yungu School in his hometown city of Hangzhou. Ma discussed issues such as Artificial Intelligence (AI) during the visit while also connecting with students, further demonstrating his passion for learning.
Alibaba, founded in the late 1990’s, specializes in online technology, e-commerce and customer service and has grown to become one of the key players in the Chinese economy. Ma had encountered some controversy in November 2020 when he criticized Chinese regulators and the financial system during a speech in Shanghai. As a direct result, the Chinese government placed a ban on the initial public offering of Ant Group, Jack Ma’s financial affiliate, which was set to raise a record breaking $34 billion to become the worlds largest share offering. Following investigations, Alibaba was fined a hefty $2.8 billion for breaching antitrust rules.
Since then, Ma has kept a low profile and left for overseas travel, with sightings of him in Europe, Japan, Thailand and Hong Kong. As one of China’s richest men, his every move has been closely monitored in an attempt to provide an indication of Beijing’s attitude toward private businesses. Back in Hangzhou, Ma was keen to show his commitment to the city and its education. His visit to Yungu School, which he established with his partners at Alibaba, gave him the opportunity to demonstrate his enthusiasm for cutting-edge technology and AI. Alibaba have not commented on the matter.
The Chinese government is attempting to strengthen confidence in the private sector after a rampant crackdown on technology, online gaming and financial companies, in addition to tough COVID-19 restrictions which have weighed down the country’s economy. In an effort to calm the markets, China’s premier Li Qiang unequivocally declared the government’s promise of unwavering support for the private sector during a meeting earlier this month.
After serving as chairman for Alibaba until 2019, Jack Ma decided to focus his intentions on philanthropic work. In January, Ma completely ceded control of Ant Group and initiated a restructuring of the firm’s shareholdings. The regional central bank also announced at the same time that the cyber-regulatory probe into the tech industry had been brought to a close.
Jack Ma’s return to mainland China has been closely monitored across the country. His visit to Yungu School provided a sense of hope to many owners of private businesses and investors, who understand the implications that his actions will have as a barometer for other private company owners. China’s tech industry remains under a degree of scrutiny, with regulation being imposed by the government, however, Ma’s return home demonstrates that there are still opportunities for businesses to thrive.
