Jack Ma, founder of the e-commerce giant Alibaba, has resurfaced in mainland China after a seven-month absence and visited a school in Hangzhou, the city where the company is based. During the visit, the entrepreneur held a speech that included a discussion of technologies such as the artificial intelligence chatbot ChatGPT, and spoke of his love for learning, triggering speculation about the Chinese authorities’ attitude towards the private businesses.
Alibaba is one of the world’s largest online marketplaces and pioneered a new era of online sales in China. Ma founded the company in the 1990s, and it soon became one of the largest tech giants in China, with Ma accumulating considerable wealth, becoming the country’s richest man.
In November 2020, Chinese authorities put a stop to the initial public offering of Alibaba’s financial affiliate Ant Group, largely attributed to comments made by Ma in which he had publicly criticized the Chinese regulatory system. Since then, the technology sector in the country had been targeted by multiple regulations and investigations, with a steep penalty of $2.8 billion imposed on Alibaba for violating antitrust regulations.
Ma had been keeping a low profile since his Shanghai speech, travelling to various countries around the world before reappearing at the Yungu School in Hangzhou. His visit has raised eyebrows, as it is seen as a barometer of how the Chinese government views the private sector. To reassure entrepreneurs and investors last month, China’s newly-appointed premier, Li Qiang, promised “unswerving” support for the private sectors.
Alibaba is now facing a revamp of its shareholding structure, including a ceding of control of Ant Group by Ma earlier this year. Last month on the other hand, an official at the Chinese central bank said that the crackdown on the internet industry was “basically” over.
Alibaba is a Chinese multinational company that specializes in e-commerce, retail, internet, and technology. Founded in 1999 by Jack Ma, Joseph Tsai, and Simon Xie, the company has grown to become one of the largest tech giants in the world, with operations in over 200 countries and territories. Alibaba’s services include mobile and online payment systems, retail, internet platforms, digital media production and cloud computing, among others. The company also owns the digital entertainment platform Alimama, as well as listing and search engine Taobao.
Jack Ma is a Chinese billionaire and philanthropist who founded the e-commerce giant Alibaba in 1999. Ma was born on September 10, 1964, in Hangzhou, a city in eastern China. After graduating from Hangzhou Teacher’s Institute, he went on to become the first Chinese citizen to be accepted in the venture capital program at Harvard Business School. Ma enjoyed an immensely successful career as a business leader and venture capitalist, eventually becoming China’s richest man. Ma stepped down as Chairman of Alibaba in 2019 citing his intention to focus on philanthropy. Despite the Chinese authorities’ regulatory crackdown, he has continued to be a prominent voice in the country’s business and technology world.
