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Jack Ma Found? Alibaba Stock Surged Then Dropped After First Public Appearance
KEY POINTS
Ma has not been seen in public since Oct. 24, 2020
His reappearance caused Alibaba s stock to soar by 8%
Jack Ma, founder of Chinese e-commerce giant Alibaba, has made his first public appearance after nearly three months out of the spotlight.
In a video posted on Chinese social media on Wednesday, Ma addressed teachers in rural China as part of a philanthropic event. The annual Rural Teacher Initiative saw the Chinese billionaire awarding cash support to the teachers in celebration of their achievements.
His first public appearance added $58 billion in market value and caused Alibaba’s Hong Kong-listed stock to soar by 8%. The stock fell more than 3% by Thursday morning.
HONG KONG: Billionaire Jack Ma’s 50-second video reappearance has done little to resolve Alibaba Group’s troubled relationship with regulators that is making some investors hesitate about owning the Chinese e-commerce giant’s stock.
Relief at Ma’s first public appearance added $58 billion in market value on Wednesday as Alibaba’s Hong Kong-listed stock soared, though doubts crept in a day later and the stock fell more than 3 percent as the broader market steadied near two-year highs.
Ma had not appeared in public since Oct. 24, when he blasted China’s regulatory system. That set him on a collision course with officials and led to the suspension of Alibaba fintech affiliate Ant Group’s blockbuster $37 billion IPO.
Jack Ma’s reappearance fails to soothe all investor concerns about regulatory crackdown
Billionaire Jack Ma’s 50-second video reappearance has done little to resolve Alibaba Group’s troubled relationship with regulators that is making some investors hesitate about owning the Chinese e-commerce giant’s stock.
Relief at Ma’s first public appearance added $58 billion in market value on Wednesday as Alibaba’s Hong Kong-listed stock soared, though doubts crept in a day later and the stock fell more than 3% as the broader market steadied near two-year highs.
Ma had not appeared in public since Oct. 24, when he blasted China’s regulatory system. That set him on a collision course with officials and led to the suspension of Alibaba fintech affiliate Ant Group’s blockbuster $37 billion IPO.
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