The 57-year-old billionaire is in Spain after a stop in Hong Kong, according to a report. (Photo: Bloomberg)
Jack Ma, the co-founder of Alibaba
Group Holding Ltd., is traveling to Europe for the first time since a bruising government crackdown on his tech empire, according to Hong Kong media reports.
The 57-year-old billionaire is in Spain after a stop in Hong Kong, according to a report in the Alibaba-owned South China Morning Post. Ma is abroad for a series of business meetings, including a tour of the agricultural industry and environmental technology in Spain, the paper said.
spokesperson declined to comment on Ma’s whereabouts, referring queries to his foundation. The foundation didn’t immediately respond to an emailed request for comment.
Beijing kicked off sweeping reforms of the private sector a year ago by pulling the plug on a planned initial public offering by Ant Group Co., an Alibaba
affiliate also founded by Ma. That was followed by an antitrust probe of the e-commerce giant Alibaba for alleged abuses of its market power. Ma, who typically kept a prominent profile, largely disappeared from public view in the months that followed.
The Communist Party’s campaign moved on to other targets, including delivery giant Meituan and private tutoring companies.
Alibaba paid a record $2.8 billion antitrust fine and promised to reform its practices.
Alibaba’s shares -- and China tech stocks more broadly -- have rallied as investors wager that the worst of the crackdown is over. Alibaba shares surged as much as 9.2% on Wednesday and have climbed more than 30% from a low earlier this month.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.