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Chinese tycoon and famed Alibaba co-founder Jack Ma has resurfaced after a three-month absence from public view which fuelled speculation over his fate and whereabouts. Beijing has been applying incredible pressure against his business empire, even investigating Alibaba for
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Sources told Bloomberg that Ma addressed teachers via livestream during an event that he hosts annually. A video of the event was posted online, and in it, Ma indicated that he would dedicate more of his time to philanthropy. His Ant Group, the financial affiliate of Alibaba, confirmed the authenticity of the video.
“Recently, my colleagues and I have been studying and thinking. We made a firmer resolution to devote ourselves to education philanthropy,” said Ma in the video. “Working hard for rural revitalisation and common prosperity is the responsibility for our generation of businessmen.”
(Jan 20): Wealthy investors rushed to offload stock in Alibaba Group Holding Ltd after China began an investigation into alleged monopolistic practices at billionaire Jack Ma’s internet giant, according to Citigroup Inc’s private bank.
“A large number” of the bank’s ultra-rich clients cut or exited their holdings in China’s largest e-commerce firm after reports of the probe emerged, Citi Private Bank’s Lab for Family Offices said in a report released Tuesday. China’s stock market previously attracted significant inflows from the firm’s wealthiest customers in the second-half of the year, according to the report.
Once hailed as drivers of economic prosperity and symbols of the country’s technological prowess, Alibaba and rivals including Tencent Holdings Ltd face increasing pressure from regulators after amassing hundreds of millions of users and gaining influence over almost every aspect of daily life in China. The US$35 billion initial public offering of Alibab
Big investors fled Alibaba after monopoly probe, says Citi
Alibaba and Tencent Holdings face increasing pressure from regulators after gaining influence over almost every aspect of daily life in China.
Wealthy investors rushed to offload stock in Alibaba Group Holding Ltd. after China began an investigation into alleged monopolistic practices at billionaire Jack Ma’s internet giant, according to Citigroup Inc.’s private bank.
“A large number” of the bank’s ultra-rich clients cut or exited their holdings in China’s largest e-commerce firm after reports of the probe emerged, Citi Private Bank’s Lab for Family Offices said in a report released on Tuesday. China’s stock market previously attracted significant inflows from the firm’s wealthiest customers in the second half of the year, according to the report.
[HONG KONG] Wealthy investors rushed to offload stock in Alibaba Group Holding after China began an investigation into alleged monopolistic practices at billionaire Jack Ma's internet giant, according to Citigroup's private bank. Read more at The Business Times.