Jack Ma: Chinese Billionaire Resurfaces After Months of Speculation

- Jack Ma has been out of the public view for about two months and many people were speculating the worst about his fate

- His disappearance came after he badly criticised the Chinese administration and called for reforms

- Alibaba's shares in Hong Kong grew by over 4% as news spread across the world that the tycoon had resurfaced

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Chinese business magnate Jack Ma has resurfaced after about two months of being out of the public view.

Ma, who is the co-founder of e-commerce giant Alibaba, was seen during an annual event he hosts to motivate teachers. This year, it was hosted online.

During the lives stream, the businessman spoke much about his philanthropic work and plans to invest more time and resources in charity, Bloomberg reported on Wednesday, January 20.

"Recently, my colleagues and I have been studying and thinking. We made a firmer resolution to devote ourselves to education philanthropy.

Working hard for rural revitalisation and common prosperity is the responsibility for our generation of businessmen," Ma said in the video.

Shares increase in Hong Kong

Bloomberg reported that Ma's shares on Alibaba raised by over 4% after news of his resurfacing spread.

As separately reported by Briefly.co.za about two weeks ago, Ma's low profile had raised speculation about his whereabouts.

Criticise government

The businessman's disappearance came at a time his business empire was facing sharp scrutiny from the PresidentXi Jinping-led administration.

Ma had criticised the leaders and compared them to 'old peoples club' and advocated for change.

"Today’s financial system is the legacy of the Industrial Age. We must set up a new one for the next generation and young people. We must reform the current system," Ma was ealier quoted by India Today.

His speech made on October 24, is reported to have irked the Chinese government which reciprocated by clamping down on his business activities intended on issuing a lesson that no one is bigger than the CCP party.

Suspension

After Ma's considered controversial speech, Beijing suspended the KSh 3.7 trillion initial public offering of his Ant Group after a direct order of President Xi.

He was advised to remain in China after which an anti-monopoly investigation was launched into his online shopping company.

Beijing also ordered Ma's financial tech company Ant Group to scale back its operations.

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Source: Briefly News