Jack Ma is a Chinese entrepreneur and co-founder and former executive of technology company Alibaba. As of May 2020, Ma was the second-richest man in China with networth of $42 billion and among the world’s wealthiest people. More
Jack Ma's months-long stay in Japan with his family has included stints in hot springs and ski resorts in the countryside outside Tokyo and regular trips to the US and Israel, the Financial Times reported, quoting people with direct knowledge of his whereabouts.
Alibaba, the Chinese e-commerce juggernaut is anticipated to announce fiscal first-quarter revenue totalling 203.23 billion yuan ($30.05 billion), down 1.2 percent from the year ago period.
In one sign of how skittish investors had been about the tycoon’s fate as recently as two months ago, Alibaba shares briefly lost $26 billion after a state media report that authorities had imposed curbs on a person surnamed Ma. Subsequent information made clear the report was referring to someone else.
Jack Ma holds 34 percent stake in Hangzhou Yunbo, the controlling entity, whereas, the remainder 66 percent is divided among Ant CEO Eric Jing, former chief executive Simon Hu and ex-non executive director Fang Jiang.
The People’s Bank of China intends to accept Ant’s application to become a financial holding company once it’s submitted and will then start a review process, which could take months, said the people, asking not to be identified discussing a private matter.
After news of early stage discussions on a potential revival of Ant Group Co.’s initial public offering came earlier this day,the Ant Group revealed it has no plan to initiate an initial public offering via its WeChat account.
According to persons familiar with the situation, Chinese financial regulators have begun preliminary discussions about reviving Ant Group Co.'s initial public offering.
Elon Musk's comments came at a time when the Chinese government has been seeking to restore confidence after Covid restrictions disrupted people’s willingness to get married and have children.
Elon Musk has seven children -- twins Xavier and Griffin, triplets Kai, Saxon and Damina, X Æ A-Xii and his youngest, Y.
The price at which Jack Ma sold Alibaba's stake brings Paytm Mall's valuation to Rs 100 crore, down from $3 billion in 2020 when the company had last infused capital through a fundraiser.
A whopping $26 billion was wiped off of Alibaba’s market value in just a few minutes. But the company managed to recover the losses after a clarification.
The Central Commission for Discipline Inspection was seeking to understand the influence of Ma’s fintech empire and the extent of its transactions with state banks and enterprises, the people said, asking not to be identified discussing a sensitive issue. The agency’s involvement hasn’t been previously reported.
The story of Jack Ma's fall from official favour helps illustrate how rapidly China has transformed under Xi Jinping, as he nears what could be a precedent-breaking third term as leader of the economic powerhouse and exerts greater control over some of its most innovative companies.
The Chinese billionaire has largely been out of public view since he publicly criticised China’s regulatory system in a speech last year. His empire promptly came under heavy scrutiny from regulators and the $37 billion blockbuster IPO of his fintech affiliate Ant Group was suspended.
This is the biggest wipe out of shareholder value globally in big tech firms in past one year.
Jack Ma will be in Europe for a series of business meetings and an agriculture study tour. It will be his first overseas trip in more than a year.
Ma, once China's most famous and outspoken entrepreneur, met at least "a few" business associates over meals last week, said the people.
The Chinese government is seen to end Big Tech’s monopoly power that comes from their control of data
China’s $4 trillion tech industry has played a key role in establishing the China brand, bringing in new technology and talent and enhancing the country’s bargaining capability. Will all that change with the crackdown?
It has looked sudden, not to mention sharp, but more likely than not, Chinese President Xi Jinping has a broad geopolitical agenda, as much as a plan to rein in tech excesses that are tearing apart not only Chinese society, but also those across the world
Following Ma's criticism of the Chinese regulatory system last year, Beijing came down heavily on the company, leading to the shelving of financial affiliate Ant Group's $37 billion initial public offering.
Sources told FT that Hupan University — an elite academy for Chinese business executives established in Ma's hometown of Hangzhou in 2015 — has changed its name and will restructure its curriculum.
Alibaba forecast annual revenue to be 930 billion yuan ($144.12 billion) for the fiscal year ended March 2022, above analysts' average estimate of 928.25 billion yuan.
Beijing’s unrelenting displeasure with the man behind Ant justifies a steep haircut to the valuation of $316bn mooted before the listing was suspended
The high-stakes discussions come amid a revamp of Ant and a broader regulatory clampdown on China's technology sector that was set in motion after Ma's public criticism of regulators in a speech in October last year.