Alibaba Shares Surge as Jack Ma Reemerges with Praise for Chinese Transformations
Founder Returns to the Spotlight, Hails Beijing's Crackdown
Shares of Alibaba Group Holding Limited (NYSE: BABA) soared on Thursday after Jack Ma, the company's founder, made a rare public appearance and praised the Chinese government's recent crackdown on technology giants.
In a speech delivered at an online conference, Ma hailed the Chinese government's efforts to regulate the internet sector, saying it would ultimately benefit both consumers and businesses. Ma's comments marked a significant shift in tone from his previous criticisms of Beijing's regulatory approach.
Ma, a legendary figure in the Chinese business community, had largely disappeared from public view since last October when he criticized Beijing's financial regulators during a speech. His absence had sparked speculation about his well-being and the future of Alibaba, which he founded in 1999.
Ma's reappearance and his positive remarks about the Chinese government have sent a clear signal that he is willing to work with Beijing to resolve the regulatory issues facing his company. Alibaba has been under intense scrutiny from Chinese regulators, who have fined the company for antitrust violations and forced it to restructure its financial businesses.
Investors welcomed Ma's comments as a sign that the regulatory storm surrounding Alibaba is subsiding. Shares of the company jumped 6% in Hong Kong trading on Thursday.Analysts say Ma's praise for the Chinese government could help Alibaba to mend its relationship with Beijing and pave the way for the company to resume its growth.
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