Alibaba shares rise as founder Jack Ma returns to China

Jack Ma, the founder of Alibaba, has returned to China, according to the South China Morning Post (SCMP) on Monday, concluding a more than year-long sojourn abroad that was viewed as a reflection of the somber mood of China’s private businesses.

Ma, one of China’s most well-known businesspeople, departed mainland China in late 2021 and has since been photographed in Japan, Australia, and Thailand.

Formerly one of the most outspoken businessmen in the country, he withdrew from the public eye in late 2020 after criticizing China’s regulatory system, which was subsequently blamed for triggering a broad regulatory crackdown by Beijing.

While Chinese authorities have stated in recent months that they have ended the crackdown and will seek methods to support the private sector, Chinese entrepreneurs have cited Ma’s decision to remain abroad as a deterrent to confidence.

After the SCMP report was published, Alibaba shares in Hong Kong rose by more than 4%.Jack Ma visited a school he founded in the city of Hangzhou, where Alibaba and financial technology firm Ant Group are headquartered, according to sources cited in the SCMP report.

After a brief stay in Hong Kong, he returned to China, according to the report.Alibaba did not respond to requests for comment immediately. Yungu Education announced on its WeChat account on Monday that Ma had visited the school and posted photographs and a video of the Alibaba founder at the school.