Union Commerce Minister Piyush Goyal appeared to take a veiled swipe at China while pitching India as a trusted investment destination in Japan. Without naming China, Goyal said successful entrepreneurs in India do not have to worry about "disappearing one day" and reappearing elsewhere, remarks widely seen as a reference to Alibaba founder Jack Ma. The minister urged Japanese firms to expand investments in India, highlighting policy stability, entrepreneurship and economic opportunities.

Piyush Goyal's Jack Ma jibe? Minister takes veiled swipe at China in Japan

Union Commerce Minister Piyush Goyal took a veiled dig at China while pitching India to Japanese investors in Tokyo saying that they don't have to worry about disappearing after becoming successfull businessman in India and reappearing as a professor in a university in Japan, referring to Jack Ma founder of China's online marketplace Alibaba as an example who joined Tokyo College, University of Tokyo as visiting professor from May 1, 2023. Goyal was on a four-day official visit to Japan from August 24 to 27, 2026, leading a 200-member Indian business delegation seeking to deepen trade and investment ties between the two countries."Entrepreneurship is celebrated in India. You don't have to worry that if you make money in India, if you are a successful businessman, you may disappear one day and end up coming out as a professor in a Japanese University. That risk doesn't happen in India," said Goyal.&nbsp;Also Read: <a href="https://www.wionews.com/world/trump-melania-viral-clip-lip-reader-frustrated-exchange-freedom-250-grand-prix-1787592703411">'I can't take any more':Trump and Melania arguing over Natalie Harp at 250 Grand Prix?</a><h2>Was Goyal referring to China?</h2>While Goyal explicitly did not mention China, the reference was clearly towards China. Jack Ma, billionaire co-founder of Alibaba, had withdrawn from public life after criticising China's financial sector in 2020. Western media had framed him as the poster boy of China's tech industry. He publicly said state-owned banks had a “pawn shop” mentality. His public appearances decreased, though he appeared once publicly in January 2021 via a tightly stage-managed video address to rural teachers. He then gave up control of the Ant group in 2023, reducing his voting rights from 50 per cent to 6 per cent. He was then seen working as a visiting professor at Tokyo University in Japan. He was last seen publicly in February 2025 at a major government and tech sector meeting in China, where he shook hands with Chinese President Xi Jinping.&nbsp;Goyal was trying to suggest that India's neo-liberal free-market economic structure celebrates entrepreneurship and deregulation of the market. Eventhough crackdown on Jack Ma was anti-democratic, supporters of the crackdown suggest that Ant Group was operating and providing loans outside the traditional banking system, without massive cash reserves, and so a few defaulters would have had a ripple effect on the Chinese economy. They also suggest that the monopoly of Alipay was making it troublesome for competitors to survive.&nbsp;&nbsp;&nbsp;

Commerce Minister Piyush Goyal appeared to take a veiled dig at China while pitching India to Japanese investors, referencing Jack Ma's move to Tokyo University.

Union Commerce Minister Piyush Goyal took a veiled dig at China while pitching India to Japanese investors in Tokyo saying that they don't have to worry about disappearing after becoming successfull businessman in India and reappearing as a professor in a university in Japan, referring to Jack Ma founder of China's online marketplace Alibaba as an example who joined Tokyo College, University of Tokyo as visiting professor from May 1, 2023. Goyal was on a four-day official visit to Japan from August 24 to 27, 2026, leading a 200-member Indian business delegation seeking to deepen trade and investment ties between the two countries. "Entrepreneurship is celebrated in India. You don't have to worry that if you make money in India, if you are a successful businessman, you may disappear one day and end up coming out as a professor in a Japanese University. That risk doesn't happen in India," said Goyal. Also Read: 'I can't take any more':Trump and Melania arguing over Natalie Harp at 250 Grand Prix? Was Goyal referring to China? While Goyal explicitly did not mention China, the reference was clearly towards China. Jack Ma, billionaire co-founder of Alibaba, had withdrawn from public life after criticising China's financial sector in 2020. Western media had framed him as the poster boy of China's tech industry. He publicly said state-owned banks had a “pawn shop” mentality. His public appearances decreased, though he appeared once publicly in January 2021 via a tightly stage-managed video address to rural teachers. He then gave up control of the Ant group in 2023, reducing his voting rights from 50 per cent to 6 per cent. He was then seen working as a visiting professor at Tokyo University in Japan. He was last seen publicly in February 2025 at a major government and tech sector meeting in China, where he shook hands with Chinese President Xi Jinping. Goyal was trying to suggest that India's neo-liberal free-market economic structure celebrates entrepreneurship and deregulation of the market. Eventhough crackdown on Jack Ma was anti-democratic, supporters of the crackdown suggest that Ant Group was operating and providing loans outside the traditional banking system, without massive cash reserves, and so a few defaulters would have had a ripple effect on the Chinese economy. They also suggest that the monopoly of Alipay was making it troublesome for competitors to survive.

Commerce Minister Piyush Goyal appeared to take a veiled dig at China while pitching India to Japanese investors, referencing Jack Ma's move to Tokyo University.

Piyush Goyal takes veiled dig at China, invokes Jack Ma while pitching India to Japanese investors

Recently, OpenAI CEO Sam Altman was ‘exposed’ as a tech founder with minimal technological skills. But he got company in Steve Jobs, Jack Ma and other tech leaders,  who built major companies through vision, leadership, and strategy despite limited coding or programming expertise

Recently, OpenAI CEO Sam Altman was ‘exposed’ as a tech founder with minimal technological skills. But he got company in Steve Jobs, Jack Ma and other tech leaders, &nbsp;who built major companies through vision, leadership, and strategy despite limited coding or programming expertise

Sam Altman's coding abilities are minimal, yet he runs OpenAI. He's not alone. These top tech bosses have limited IT skills

After keeping a low profile since 2020, the founder of Alibaba Group, Jack Ma, visited the company's campus in Hangzhou, China. This marks his first known trip back to his hometown since March of last year, when he visited a school he established. Ma's visit to Alibaba's campus comes at a time when the Chinese government is trying to boost confidence in the country's private sector. Watch in for more details!

Alibaba Co-Founder Jack Ma Returns To Company's Campus, As China Moves To Boost Business Confidence

Alibaba Group Holding Ltd. (BABA) co-founder Jack Ma has purportedly resurfaced with a detailed internal note, sparking questions about his future role in the company. Watch to know more.

Is Jack Ma coming back? | Alibaba founder steps out from shadows with long internal post

Jack Ma, the co-founder of Alibaba, has expressed his support for the company's ongoing restructuring efforts. <o:p></o:p>

Ma, who had withdrawn from public view in recent times, addressed the company's internal forum, endorsing the programs led by new leaders Joseph Tsai and Eddie Wu to restore the Chinese e-commerce giant. <o:p></o:p>

According to a Bloomberg report, Ma said that Alibaba Group Holding Ltd. is moving in the right direction and urged employees to remain resolute despite recent challenges. <o:p></o:p>

Ma's message to Alibaba's 200,000-plus employees struck a positive tone compared to his previous remarks just four months ago. <o:p></o:p>

He applauded the leadership's efforts to steer the company back on track, highlighting the importance of innovation and agility in overcoming obstacles. <o:p></o:p>

Ma stressed on the need to break away from traditional corporate structures, urging the company to maintain a market-first approach and embrace efficiency. <o:p></o:p>

The memo widely circulated within the company, noted Alibaba's return to growth after a period of uncertainty marked by shifts and market fluctuations. <o:p></o:p>

While Ma refrained from delving into specific details, his endorsement of the leadership's direction comes at a critical juncture for Alibaba. <o:p></o:p>

The company faces challenges coming from regulatory scrutiny and the lingering impacts of the COVID-19 pandemic. <o:p></o:p>

Despite these obstacles, Alibaba is striving to revitalise its portfolio, encompassing e-commerce and cloud services.<o:p></o:p>

Following the departure of former CEO Daniel Zhang, Tsai and Wu have prioritised streamlining operations and refocusing on core businesses. <o:p></o:p>

This strategy involves integrating various segments while divesting non-essential assets to reinforce Alibaba's market position.<o:p></o:p>

Alibaba's recent financial performance has reflected the turbulence in China's tech landscape. <o:p></o:p>

The company experienced a 5 per cent revenue increase in the December quarter, falling short of previous growth rates. <o:p></o:p>

Amidst intensifying competition from rivals such as PDD Holdings Inc. and ByteDance Ltd., Alibaba faces pressure to regain market share and sustain its dominance. <o:p></o:p>

Additionally, advancements by competitors like Baidu Inc. in AI technology pose further challenges to Alibaba's long-term prospects.<o:p></o:p>

In response to investor concerns, Alibaba announced a $25 billion buyback program to increase confidence in its growth trajectory. <o:p></o:p>

Joseph Tsai, in a recent interview, said that Alibaba has acknowledged its past mistakes and will embracing a culture of continuous improvement. <o:p></o:p>

Since assuming leadership, Tsai has overseen significant organisational changes, including personnel reshuffles and the exploration of asset divestitures. <o:p></o:p>

Despite the inherent challenges of reform, Jack Ma reiterated the importance of innovation and perseverance in driving Alibaba's evolution. <o:p></o:p>

He concluded his memo with a motivational message, urging the company to press forward with determination. <o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Jack Ma, the co-founder of Alibaba, has expressed his support for the company's ongoing restructuring efforts. Ma, who had withdrawn from public view in recent times, addressed the company's internal forum, endorsing the programs led by new leaders Joseph Tsai and Eddie Wu to restore the Chinese e-commerce giant.

Jack Ma, the co-founder of Alibaba, has expressed his support for the company's ongoing restructuring efforts. Ma, who had withdrawn from public view in recent times, addressed the company's internal forum, endorsing the programs led by new leaders Joseph Tsai and Eddie Wu to restore the Chinese e-commerce giant. According to a Bloomberg report, Ma said that Alibaba Group Holding Ltd. is moving in the right direction and urged employees to remain resolute despite recent challenges. Ma's message to Alibaba's 200,000-plus employees struck a positive tone compared to his previous remarks just four months ago. He applauded the leadership's efforts to steer the company back on track, highlighting the importance of innovation and agility in overcoming obstacles. Ma stressed on the need to break away from traditional corporate structures, urging the company to maintain a market-first approach and embrace efficiency. The memo widely circulated within the company, noted Alibaba's return to growth after a period of uncertainty marked by shifts and market fluctuations. While Ma refrained from delving into specific details, his endorsement of the leadership's direction comes at a critical juncture for Alibaba. The company faces challenges coming from regulatory scrutiny and the lingering impacts of the COVID-19 pandemic. Despite these obstacles, Alibaba is striving to revitalise its portfolio, encompassing e-commerce and cloud services. Following the departure of former CEO Daniel Zhang, Tsai and Wu have prioritised streamlining operations and refocusing on core businesses. This strategy involves integrating various segments while divesting non-essential assets to reinforce Alibaba's market position. Alibaba's recent financial performance has reflected the turbulence in China's tech landscape. The company experienced a 5 per cent revenue increase in the December quarter, falling short of previous growth rates. Amidst intensifying competition from rivals such as PDD Holdings Inc. and ByteDance Ltd., Alibaba faces pressure to regain market share and sustain its dominance. Additionally, advancements by competitors like Baidu Inc. in AI technology pose further challenges to Alibaba's long-term prospects. In response to investor concerns, Alibaba announced a $25 billion buyback program to increase confidence in its growth trajectory. Joseph Tsai, in a recent interview, said that Alibaba has acknowledged its past mistakes and will embracing a culture of continuous improvement. Since assuming leadership, Tsai has overseen significant organisational changes, including personnel reshuffles and the exploration of asset divestitures. Despite the inherent challenges of reform, Jack Ma reiterated the importance of innovation and perseverance in driving Alibaba's evolution. He concluded his memo with a motivational message, urging the company to press forward with determination. (With inputs from Bloomberg)

Jack Ma encourages Alibaba's overhaul efforts, urges staff to stay the course

In 2023, at least 11 listed Chinese companies were reportedly disclosed that their chairman had disappeared without notice. A number of Chinese business leaders have gone missing in recent years, including Alibaba boss Jack Ma.

Gravitas: China's business tycoons keep vanishing | Bao Fan, Jack Ma, and others who disappeared

China's ruthless crackdown against tech giants continues. In a move to appease Chinese regulators, ant group has removed controlling stakeholders. With the latest move, China's central bank now lists ANT’s Alipay as a firm without an actual controller.

ANT group removes controlling stakeholders after crackdown

Alibaba founder Jack Ma has decided to delay plans to reduce his stake in the Chinese e-commerce giant. The move follows a series of events, including the cancellation of the spin-off of Alibaba's $11 billion cloud business and a $22 billion drop in market value in a single day.

Alibaba founder delays plans to reduce his stake in company

Alibaba Group Holding Ltd. founder Jack Ma has decided to delay plans to reduce his stake in the Chinese e-commerce giant after it faced its most significant selloff in over a year. The move follows a series of events, including the cancellation of the spin-off of Alibaba's $11 billion cloud business and a subsequent $22 billion drop in market value in a single day.

Background

Jack Ma initially disclosed plans to sell 10 million Alibaba shares, amounting to approximately $870 million, on November 21. This revelation coincided with the company's decision to abandon the cloud business spin-off, amid&nbsp;heightened market volatility due to&nbsp;escalating U.S-China technological rivalry .

According to an internal memo from Alibaba's Chief People Officer Jane Jiang Fang, cited by Bloomberg, Jack Ma has not sold any shares as the stock price has not met the billionaire's desired level. The memo emphasised Ma's belief that the current stock price significantly undervalues the company.

The disclosure of Ma's plan to sell shares, coupled with the cancellation of the cloud business spin-off, resulted in a significant market downturn. This comes at a time when Alibaba is undergoing a major restructuring, initially intending to split into six separate units, each with its own CEO and board of directors.

Strategic challenges

Alibaba's strategic challenges are compounded by the industry-wide crackdown in China and increased competition from emerging players like ByteDance Ltd.'s Douyin. The company's decision to reassess not only its cloud business but also the listing of its grocery chain, Freshippo, reflects the need to adapt to evolving market conditions.

Jane Jiang explained that Jack Ma's family office sought funds for investments in agricultural enterprises and charitable endeavours in China and beyond. The sale arrangements were made earlier this year with a broker, unaware that the disclosure would coincide with the company's financial results.

Bottomline

Alibaba's recent challenges and Jack Ma's decision to postpone the share sale underscore the uncertainties in the Chinese e-commerce giant's trajectory. As the company navigates regulatory hurdles and global market dynamics, Jack Ma's confidence in Alibaba's long-term prospects remains a focal point amid the evolving landscape of the tech industry.

Alibaba Group Holding Ltd. founder Jack Ma has decided to delay plans to reduce his stake in the Chinese e-commerce giant after it faced its most significant selloff in over a year.

Alibaba Group Holding Ltd. founder Jack Ma has decided to delay plans to reduce his stake in the Chinese e-commerce giant after it faced its most significant selloff in over a year. The move follows a series of events, including the cancellation of the spin-off of Alibaba's $11 billion cloud business and a subsequent $22 billion drop in market value in a single day. Background Jack Ma initially disclosed plans to sell 10 million Alibaba shares, amounting to approximately $870 million, on November 21. This revelation coincided with the company's decision to abandon the cloud business spin-off, amid heightened market volatility due to escalating U.S-China technological rivalry . According to an internal memo from Alibaba's Chief People Officer Jane Jiang Fang, cited by Bloomberg, Jack Ma has not sold any shares as the stock price has not met the billionaire's desired level. The memo emphasised Ma's belief that the current stock price significantly undervalues the company. The disclosure of Ma's plan to sell shares, coupled with the cancellation of the cloud business spin-off, resulted in a significant market downturn. This comes at a time when Alibaba is undergoing a major restructuring, initially intending to split into six separate units, each with its own CEO and board of directors. Strategic challenges Alibaba's strategic challenges are compounded by the industry-wide crackdown in China and increased competition from emerging players like ByteDance Ltd.'s Douyin. The company's decision to reassess not only its cloud business but also the listing of its grocery chain, Freshippo, reflects the need to adapt to evolving market conditions. Jane Jiang explained that Jack Ma's family office sought funds for investments in agricultural enterprises and charitable endeavours in China and beyond. The sale arrangements were made earlier this year with a broker, unaware that the disclosure would coincide with the company's financial results. Bottomline Alibaba's recent challenges and Jack Ma's decision to postpone the share sale underscore the uncertainties in the Chinese e-commerce giant's trajectory. As the company navigates regulatory hurdles and global market dynamics, Jack Ma's confidence in Alibaba's long-term prospects remains a focal point amid the evolving landscape of the tech industry.

Alibaba's selloff saga: Jack Ma hits pause on share sale amid $22 billion selloff

As the dust settles on the three-year tussle between the Chinese government and Jack Ma, it becomes clear just how costly this conflict has been for Ma's companies, Ant Group and Alibaba group holding ltd. The Chinese authorities imposed a hefty fine of nearly $1 billion on ant group, effectively ending their probe.

Jack Ma's clash: High cost for Ant Group & Alibaba

A stir has been created by the co-founder of Alibaba Group and Chinese billionaire Jack Ma among observers with his sudden and unexpected visit to Pakistan, as reported by the Express Tribune newspaper. 
 
The visit of Jack Ma to Pakistan was confirmed to The Express Tribune by former chairman of the Board of Investment (BOI) Muhammad Azfar Ahsan, stating that the Chinese billionaire reached Lahore on June 29 and stayed there for 23 hours.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/jack-ma-goes-in-huddle-with-execs-asks-them-to-focus-on-taobao-report-606627">Jack Ma goes into huddle with execs, asks them to focus on Taobao: Report</a>

During his visit to Pakistan, Jack Ma did not have any interactions with government officials and the media. The billionaire stayed at a private location and departed on June 30 via a private jet. The private jet was owned by Jet Aviation and registered under the name VP-CMA.

<h2>Pakistan's good days ahead?</h2>

Although the purpose of Jack Ma's visit remains confidential at this point, there remains hope that this is likely yield positive outcomes for Pakistan in the days ahead, as stated by Ahsan, reported The Express Tribune. 
 
A delegation of seven businessmen, which consisted of five Chinese nationals, one Danish individual, and one US citizen, had accompanied Ma. The delegation came to Pakistan from Nepal on a chartered flight from the business aviation sector of Hong Kong. 
 
The social media platforms are filled with speculations about Ma and his team exploring business opportunities in the economically-embattled country, which included meetings with important businessmen and officials from various chambers of commerce and visits to trade centres. However, no officials have made a confirmation regarding any specific meetings or business deals. 
 
In a tweet, Ahsan clarified that the visit of Jack Ma was strictly for personal purposes. He said that, interestingly, even the Chinese embassy was not given details of Ma's visit and engagements in Pakistan.

WATCH |&nbsp;Gravitas: Jack Ma spotted in Australia | How Xi Jinping destroyed Jack Ma

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Speaking to the Express Tribune, P@SHA Chairman Zohaib Khan said, "Although it was a personal visit, it helped enhance Pakistan's reputation from a tourism standpoint." 
 
Khan added that the Pakistan government's authorities should have used the opportunity and arranged a meeting with Jack Ma to gain insights from the billionaire's seasoned experience in the IT world. He said that even one statement from Jack Ma regarding the IT sector of Pakistan would have made a significant impact.

(With inputs from agencies)

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A stir has been created by the co-founder of Alibaba Group and Chinese billionaire Jack Ma among observers with his sudden and unexpected visit to Pakistan, as reported by the Express Tribune newspaper.

A stir has been created by the co-founder of Alibaba Group and Chinese billionaire Jack Ma among observers with his sudden and unexpected visit to Pakistan, as reported by the Express Tribune newspaper. The visit of Jack Ma to Pakistan was confirmed to The Express Tribune by former chairman of the Board of Investment (BOI) Muhammad Azfar Ahsan, stating that the Chinese billionaire reached Lahore on June 29 and stayed there for 23 hours. ALSO READ | Jack Ma goes into huddle with execs, asks them to focus on Taobao: Report During his visit to Pakistan, Jack Ma did not have any interactions with government officials and the media. The billionaire stayed at a private location and departed on June 30 via a private jet. The private jet was owned by Jet Aviation and registered under the name VP-CMA. Pakistan's good days ahead? Although the purpose of Jack Ma's visit remains confidential at this point, there remains hope that this is likely yield positive outcomes for Pakistan in the days ahead, as stated by Ahsan, reported The Express Tribune. A delegation of seven businessmen, which consisted of five Chinese nationals, one Danish individual, and one US citizen, had accompanied Ma. The delegation came to Pakistan from Nepal on a chartered flight from the business aviation sector of Hong Kong. The social media platforms are filled with speculations about Ma and his team exploring business opportunities in the economically-embattled country, which included meetings with important businessmen and officials from various chambers of commerce and visits to trade centres. However, no officials have made a confirmation regarding any specific meetings or business deals. In a tweet, Ahsan clarified that the visit of Jack Ma was strictly for personal purposes. He said that, interestingly, even the Chinese embassy was not given details of Ma's visit and engagements in Pakistan. WATCH | Gravitas: Jack Ma spotted in Australia | How Xi Jinping destroyed Jack Ma Speaking to the Express Tribune, P@SHA Chairman Zohaib Khan said, "Although it was a personal visit, it helped enhance Pakistan's reputation from a tourism standpoint." Khan added that the Pakistan government's authorities should have used the opportunity and arranged a meeting with Jack Ma to gain insights from the billionaire's seasoned experience in the IT world. He said that even one statement from Jack Ma regarding the IT sector of Pakistan would have made a significant impact. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Chinese billionaire Jack Ma creates stir with sudden visit to Pakistan

Chinese billionaire Jack Ma was spotted in Pakistan as per reports he stayed in Pakistan's capital city, Lahore. Jack Ma was accompanied by a delegation of seven businessmen the delegation arrived in Pakistan from Nepal's Kathmandu via Hong Kong chartered flight.

Alibaba co-founder Jack Ma spotted in Pakistan

Jack Ma, the founder of Alibaba Holding, held a meeting with e-commerce executives and told them to refocus on Taobao, as per a report in LatePost. Taobao is an Alibaba-owned online shopping platform. The informal meeting reportedly took place in the month of May. Ma also told his executives that they should focus on consumers to weather the effects of the slowdown in the Chinese economy.

The meeting came a few weeks before Alibaba's announcement on Tuesday (June 20) about the reshuffle of its top management. The current head of Taobao, Eddie Wu Yongming, will take over as Alibaba's CEO on September 10.

Current CEO Zhang Yong will step aside and will run Alibaba Cloud. Joseph Tsai will serve as chairman of Alibaba.

During the meeting with Taobao and Tmall Group executives, Ma said that it would be a mistake to take Alibaba's pre-eminent position in the Chinese e-commerce market for granted. He said that the company should remain alert for business failure risks.

Watch | Reports: Talks on China's military facility in Cuba underway

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To make his point, Ma cited examples of Nokia and Kodak.

Nokia, formerly the biggest mobile-phone maker in the world, fell off the top charts as it did not align with the advent of smartphones. Kodak, the film giant, was unseated due to digital photography. Ma cited these examples to drive home the point that market leaders can quickly get displaced from their top positions.

Jack Ma reportedly said Alibaba has to “go back to Taobao, go back to users, and go back to the internet”.

South China Morning Post, a news outlet owned by Alibaba, reported that 'Going back to Taobao' may mean a pivot to small and medium merchants.

Jack Ma has stepped down from corporate roles in Alibaba but remains somewhat of a 'spiritual leader' of the business empire that he built from scratch.

He reportedly said in the meeting that Alibaba should remain an internet company and the focus must be on user experience.

<h2>Sweeping changes at Alibaba</h2>

If the reported meeting between Jack Ma and Alibaba execs did take place, it happened at a time the group was undergoing huge changes.

Alibaba is breaking its huge empire into six independent entities.

Alibaba breaking up is one of the most significant overhauls of a leading Chinese tech firm.

Also Read | <a href="https://www.wionews.com/world/china-achieves-historic-milestone-launches-41-satellites-in-single-mission-setting-new-record-605522">China achieves historic milestone: Launches 41 satellites in single mission, setting new record</a>

The business empire hit on hard times as Chinese authorities slapped tighter restrictions on the tech sector in the country. Earlier this year, weak consumer spending resulted in Alibaba recording its third consecutive quarter of single-digit growth.

(With inputs from agencies)

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&nbsp;

Jack Ma, the founder of Alibaba Holding, held a meeting with e-commerce executives and told them to refocus on Taobao, as per a report in LatePost. Taobao is an Alibaba-owned online shopping platform.

Jack Ma, the founder of Alibaba Holding, held a meeting with e-commerce executives and told them to refocus on Taobao, as per a report in LatePost. Taobao is an Alibaba-owned online shopping platform. The informal meeting reportedly took place in the month of May. Ma also told his executives that they should focus on consumers to weather the effects of the slowdown in the Chinese economy. The meeting came a few weeks before Alibaba's announcement on Tuesday (June 20) about the reshuffle of its top management. The current head of Taobao, Eddie Wu Yongming, will take over as Alibaba's CEO on September 10. Current CEO Zhang Yong will step aside and will run Alibaba Cloud. Joseph Tsai will serve as chairman of Alibaba. During the meeting with Taobao and Tmall Group executives, Ma said that it would be a mistake to take Alibaba's pre-eminent position in the Chinese e-commerce market for granted. He said that the company should remain alert for business failure risks. Watch | Reports: Talks on China's military facility in Cuba underway × To make his point, Ma cited examples of Nokia and Kodak. Nokia, formerly the biggest mobile-phone maker in the world, fell off the top charts as it did not align with the advent of smartphones. Kodak, the film giant, was unseated due to digital photography. Ma cited these examples to drive home the point that market leaders can quickly get displaced from their top positions. Jack Ma reportedly said Alibaba has to “go back to Taobao, go back to users, and go back to the internet”. South China Morning Post, a news outlet owned by Alibaba, reported that 'Going back to Taobao' may mean a pivot to small and medium merchants. Jack Ma has stepped down from corporate roles in Alibaba but remains somewhat of a 'spiritual leader' of the business empire that he built from scratch. He reportedly said in the meeting that Alibaba should remain an internet company and the focus must be on user experience. Sweeping changes at Alibaba If the reported meeting between Jack Ma and Alibaba execs did take place, it happened at a time the group was undergoing huge changes. Alibaba is breaking its huge empire into six independent entities. Alibaba breaking up is one of the most significant overhauls of a leading Chinese tech firm. Also Read | China achieves historic milestone: Launches 41 satellites in single mission, setting new record The business empire hit on hard times as Chinese authorities slapped tighter restrictions on the tech sector in the country. Earlier this year, weak consumer spending resulted in Alibaba recording its third consecutive quarter of single-digit growth. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Jack Ma goes into huddle with execs, asks them to focus on Taobao: Report

After disappearing from the public eye in 2020, Jack Ma, the millionaire co-founder of the Chinese e-commerce behemoth Alibaba, has returned to the spotlight, but this time as a professor rather than a tech tycoon. The businessman taught his first class as a visiting professor at the University of Tokyo in Japan. His two-hour session on management theory and how the next generation might succeed in the future was held on June 12 at Tokyo University.

Alibaba founder Jack Ma becomes visiting professor at University of Tokyo

Alibaba co-founder Jack Ma is joining Tokyo University as a visiting professor, the University said on Monday.

Ma begins his tenure today and will advice students and conduct research, especially on sustainable agriculture and food production. He will also give seminars about entrepreneurship, innovation, management and business startups. &nbsp;

His appointment term will last till October but the contract is renewable on an annual basis, the university said.

The Chinese tycoon has been away from the limelight since 2020 after he criticised Chinese regulatory system that was later blamed for triggering a wide-ranging&nbsp;crackdown by Beijing.

Ma's appointment at the University of Tokyo could&nbsp;be seen as a way for him to keep a low profile while still pursuing his passion for education. It is unclear how much time he will spend teaching at the university, but his appointment is expected to bring attention to the university's entrepreneurship program and attract more students to the school.&nbsp;

Alibaba founder, who stepped down from his role as the executive chairman of Alibaba in 2019, has long been interested in education and has had previous stints as a teacher and professor.

In 2015, he was appointed as a professor of entrepreneurship and leadership at Hupan University, a business school that he co-founded in China. Hupan University, which is named after the apartment building where Ma started Alibaba, aims to train the next generation of entrepreneurs in China.

Ma's interest in education started early in his career when he worked as an English teacher for several years after graduating from Hangzhou Normal University. Later, he founded the Alibaba Group in 1999, which went on to become one of the world's largest e-commerce platforms. Despite his success in the world of business, Ma never lost his passion for education.

In 2014, Ma founded the Jack Ma Foundation, which focuses on education, entrepreneurship, philanthropy, women’s leadership, medical support and environmental protection. Through the foundation, Ma has supported various educational initiatives, including providing scholarships to students from underprivileged backgrounds and launching programs to train teachers in rural areas of China.

Alibaba co-founder Jack Ma is joining Tokyo University as a visiting professor, the University said on Monday. Ma begins his tenure today and will advice students and conduct research, especially on sustainable agriculture and food production.

Alibaba co-founder Jack Ma is joining Tokyo University as a visiting professor, the University said on Monday. Ma begins his tenure today and will advice students and conduct research, especially on sustainable agriculture and food production. He will also give seminars about entrepreneurship, innovation, management and business startups. His appointment term will last till October but the contract is renewable on an annual basis, the university said. The Chinese tycoon has been away from the limelight since 2020 after he criticised Chinese regulatory system that was later blamed for triggering a wide-ranging crackdown by Beijing. Ma's appointment at the University of Tokyo could be seen as a way for him to keep a low profile while still pursuing his passion for education. It is unclear how much time he will spend teaching at the university, but his appointment is expected to bring attention to the university's entrepreneurship program and attract more students to the school. Alibaba founder, who stepped down from his role as the executive chairman of Alibaba in 2019, has long been interested in education and has had previous stints as a teacher and professor. In 2015, he was appointed as a professor of entrepreneurship and leadership at Hupan University, a business school that he co-founded in China. Hupan University, which is named after the apartment building where Ma started Alibaba, aims to train the next generation of entrepreneurs in China. Ma's interest in education started early in his career when he worked as an English teacher for several years after graduating from Hangzhou Normal University. Later, he founded the Alibaba Group in 1999, which went on to become one of the world's largest e-commerce platforms. Despite his success in the world of business, Ma never lost his passion for education. In 2014, Ma founded the Jack Ma Foundation, which focuses on education, entrepreneurship, philanthropy, women’s leadership, medical support and environmental protection. Through the foundation, Ma has supported various educational initiatives, including providing scholarships to students from underprivileged backgrounds and launching programs to train teachers in rural areas of China.

Alibaba founder Jack Ma turns professor, will teach Tokyo University students

Alibaba Group founder Jack Ma engineered from abroad the corporate breakup of his e-commerce empire, as he wanted to make it more competitive and efficient in China.

The Wall Street Journal (WSJ) newspaper, citing people who are close&nbsp;to the development, reported that the Chinese tech billionaire, despite stepping down in 2019, remains an influential figure in the top management and is active in deciding its strategy.

On Tuesday, Alibaba group said that it is planning to split the company into six units and would look for fundraisings or listings for most of them, marking the biggest restructuring in its 24-year history.

The firm will be divided into Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group and Digital Media and Entertainment Group.

The company made the announcement a day before Ma’s surprise visit to a school in Alibaba’s hometown of Hangzhou.

The move, which raised eyebrows among experts, has triggered speculation about whether Ma struck any deal with China’s government.

Analysts say that the shake-up is being done to ease scrutiny over the tech giant whose sprawling business has been a target of regulators for years.

The WSJ reported that it has been in the planning stage for months, adding that Ma held talks with Alibaba’s top executives, including the current Chairman and Chief Executive Daniel Zhang, in recent months.

The Chinese tech billionaire has largely been absent from the public eye since his company came under the radar of Beijing’s officials two years ago.

As he was abroad, Alibaba was slapped with a $2.8 billion antitrust penalty in April 2021. Its affiliate fintech giant, Ant Group Co., had to suspend its much-awaited IPO at the 11th hour in 2020 upon the orders of Chinese regulators who demanded an overhaul of its business.

The business tycoon’s return to the mainland was possible because of repeated overtures through retired Communist Party officials and fellow tycoons, the WSJ reported citing sources.

It is said that they cajoled Ma by invoking his patriotism, and asking him to contribute to China’s development.

(With inputs from agencies)

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Alibaba Group founder Jack Ma engineered from abroad the corporate breakup of his e-commerce empire, as he wanted to make it more competitive and efficient in China.

Alibaba Group founder Jack Ma engineered from abroad the corporate breakup of his e-commerce empire, as he wanted to make it more competitive and efficient in China. The Wall Street Journal (WSJ) newspaper, citing people who are close to the development, reported that the Chinese tech billionaire, despite stepping down in 2019, remains an influential figure in the top management and is active in deciding its strategy. On Tuesday, Alibaba group said that it is planning to split the company into six units and would look for fundraisings or listings for most of them, marking the biggest restructuring in its 24-year history. The firm will be divided into Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group and Digital Media and Entertainment Group. The company made the announcement a day before Ma’s surprise visit to a school in Alibaba’s hometown of Hangzhou. The move, which raised eyebrows among experts, has triggered speculation about whether Ma struck any deal with China’s government. Analysts say that the shake-up is being done to ease scrutiny over the tech giant whose sprawling business has been a target of regulators for years. The WSJ reported that it has been in the planning stage for months, adding that Ma held talks with Alibaba’s top executives, including the current Chairman and Chief Executive Daniel Zhang, in recent months. The Chinese tech billionaire has largely been absent from the public eye since his company came under the radar of Beijing’s officials two years ago. As he was abroad, Alibaba was slapped with a $2.8 billion antitrust penalty in April 2021. Its affiliate fintech giant, Ant Group Co., had to suspend its much-awaited IPO at the 11th hour in 2020 upon the orders of Chinese regulators who demanded an overhaul of its business. The business tycoon’s return to the mainland was possible because of repeated overtures through retired Communist Party officials and fellow tycoons, the WSJ reported citing sources. It is said that they cajoled Ma by invoking his patriotism, and asking him to contribute to China’s development. (With inputs from agencies) WATCH WION LIVE HERE

Jack Ma engineered Alibaba Group’s split from abroad: Report

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Alibaba Group's recently announced restructuring will allow all its business units to become more agile and enhance faster decision-making and how the firm responds to market changes, said the company's chief executive Daniel Zhang said on Thursday.

While on a conference call, Zhang said that Alibaba had begun laying the groundwork for the restructuring over the past few years. He added that in the future, the Jack Ma-founded tech conglomerate will be more in the structure of an asset and capital operator, rather than a business operator.

Watch |&nbsp;Chinese tech giant Alibaba's shares jump 14%

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Two days ago, Alibaba declared its most extensive reorganisation to date, transforming itself into a holding company with six individual business units, each having its own board and CEO. The day-to-day operations of the six individual business units will be ceded to their respective new management bodies.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/alibaba-undergoes-transformation-will-split-into-six-individual-units-576785">Alibaba undergoes 'transformation,' will split into six individual units</a>

Zhang will, however, continue to serve as Alibaba's CEO.

Referring to the plan as a "transformation", Zhang had earlier said that it would make Alibaba "more agile, enhance decision-making, and enable faster responses to market changes".

The restructuring reportedly opens up each of the Chinese tech giant's new individual units to&nbsp;the possibility of raising funds through their own initial public offering (IPO).

Also read |&nbsp;<a href="https://www.wionews.com/world/jack-ma-returns-to-china-recently-after-nearly-a-year-of-overseas-travel-visits-school-576299">Jack Ma returns to China after nearly a year of overseas travel, visits a school</a>

On the call, when asked about the timeline for the market listings, Toby Xu, Alibaba's Chief Financial Officer, stated that the restructuring allowed each business unit to look for independent fundraising and IPOs whenever they are prepared.

Some analysts believe that the current value of Alibaba does not account for the value of each division on its own and that a breakup could result in a more accurate assessment of each division's worth. They also argue&nbsp;that restructuring could also provide better protection for Alibaba shareholders from the demands of regulators, since a penalty imposed on one sector would not influence the activities of another.

(With inputs from agencies)

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Alibaba Group's recently announced restructuring will allow all its business units to become more agile and enhance faster decision-making and how the firm responds to market changes, said the company's chief executive Daniel Zhang said on Thursday.

Alibaba Group's recently announced restructuring will allow all its business units to become more agile and enhance faster decision-making and how the firm responds to market changes, said the company's chief executive Daniel Zhang said on Thursday. While on a conference call, Zhang said that Alibaba had begun laying the groundwork for the restructuring over the past few years. He added that in the future, the Jack Ma-founded tech conglomerate will be more in the structure of an asset and capital operator, rather than a business operator. Watch | Chinese tech giant Alibaba's shares jump 14% Two days ago, Alibaba declared its most extensive reorganisation to date, transforming itself into a holding company with six individual business units, each having its own board and CEO. The day-to-day operations of the six individual business units will be ceded to their respective new management bodies. Also read | Alibaba undergoes 'transformation,' will split into six individual units Zhang will, however, continue to serve as Alibaba's CEO. Referring to the plan as a "transformation", Zhang had earlier said that it would make Alibaba "more agile, enhance decision-making, and enable faster responses to market changes". The restructuring reportedly opens up each of the Chinese tech giant's new individual units to the possibility of raising funds through their own initial public offering (IPO). Also read | Jack Ma returns to China after nearly a year of overseas travel, visits a school On the call, when asked about the timeline for the market listings, Toby Xu, Alibaba's Chief Financial Officer, stated that the restructuring allowed each business unit to look for independent fundraising and IPOs whenever they are prepared. Some analysts believe that the current value of Alibaba does not account for the value of each division on its own and that a breakup could result in a more accurate assessment of each division's worth. They also argue that restructuring could also provide better protection for Alibaba shareholders from the demands of regulators, since a penalty imposed on one sector would not influence the activities of another. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Alibaba restructuring will help make company 'more agile' and enhance decision-making, CEO says

In one of its most significant overhauls to date, Chinese tech firm Alibaba on Tuesday announced that it will be splitting into six business groups. Under the new arrangement, each of the six newly established businesses will be under the management of its own CEO and board of directors. The company said that the move aimed to "unlock shareholder value and foster market competitiveness". Alibaba chairman and CEO Daniel Zhang said in a statement that the restructuring would enable each of these businesses to pursue their own fundraising and public listing plans.

Watch |&nbsp;China’s Alibaba announces it is working on a ChatGPT like AI bot

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Referring to the plan as a "transformation", Zhang said that it would make Alibaba "more agile, enhance decision-making, and enable faster responses to market changes".

Zhang will continue to serve as Alibaba CEO, however, the day-to-day operations of the six individual business units will be ceded to their respective new management bodies.

Also read |&nbsp;<a href="https://www.wionews.com/world/jack-ma-returns-to-china-recently-after-nearly-a-year-of-overseas-travel-visits-school-576299">Jack Ma returns to China after nearly a year of overseas travel, visits a school</a>

As per AFP, one key exception to this restructuring is Taobao Tmall Commerce Group, which operates one of China's top online purchasing platforms.&nbsp;

Taobao will continue to be under Alibaba's control and will be wholly owned by the group.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/russia-china-record-highest-trade-surplus-in-2022-says-data-576151">Russia, China record highest trade surplus in 2022, says data</a>

Alibaba stated that the modifications would not have an influence on its stocks, which are currently listed in New York and Hong Kong. The company is aiming for a more "nimble structure", which means that it will be&nbsp;reducing the size of its middle and back office functions.

The firm's decision to restructure comes as China promised to support its private sector. In recent years, the company faced unprecedented headwinds as Beijing imposed tighter restrictions on the domestic tech industry.

(With inputs from agencies)

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In one of its most significant overhauls to date, Chinese tech firm Alibaba on Tuesday announced that it will be splitting into six business groups. Under the new arrangement, each of the six newly established businesses will be under the management of its own CEO and board of directors.

In one of its most significant overhauls to date, Chinese tech firm Alibaba on Tuesday announced that it will be splitting into six business groups. Under the new arrangement, each of the six newly established businesses will be under the management of its own CEO and board of directors. The company said that the move aimed to "unlock shareholder value and foster market competitiveness". Alibaba chairman and CEO Daniel Zhang said in a statement that the restructuring would enable each of these businesses to pursue their own fundraising and public listing plans. Watch | China’s Alibaba announces it is working on a ChatGPT like AI bot Referring to the plan as a "transformation", Zhang said that it would make Alibaba "more agile, enhance decision-making, and enable faster responses to market changes". Zhang will continue to serve as Alibaba CEO, however, the day-to-day operations of the six individual business units will be ceded to their respective new management bodies. Also read | Jack Ma returns to China after nearly a year of overseas travel, visits a school As per AFP, one key exception to this restructuring is Taobao Tmall Commerce Group, which operates one of China's top online purchasing platforms. Taobao will continue to be under Alibaba's control and will be wholly owned by the group. Also read | Russia, China record highest trade surplus in 2022, says data Alibaba stated that the modifications would not have an influence on its stocks, which are currently listed in New York and Hong Kong. The company is aiming for a more "nimble structure", which means that it will be reducing the size of its middle and back office functions. The firm's decision to restructure comes as China promised to support its private sector. In recent years, the company faced unprecedented headwinds as Beijing imposed tighter restrictions on the domestic tech industry. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Alibaba undergoes 'transformation,' will split into six individual units

Jack Ma, the co-founder and former executive chairman of Alibaba Group, was spotted in Hangzhou, the capital of China's Zhejiang province, news agency Reuters reported on Monday (March 27). He visited a school he founded in the city of Hangzhou.&nbsp;

The South China Morning Post, which is owned by Alibaba, confirmed the news after a buzz on Chinese social media over Ma's return. The media outlet further reported that Ma met teachers and students at Hangzhou Yungu School. As quoted by the report, sources familiar with Ma's schedule divulged details.&nbsp;

After he criticised the Chinese regulators in 2020, the business magnate was more or less not seen in public during Beijing's rampant crackdown on the country's technology sector. The Chinese regime targeted powerful businessmen, and Ma also ran into trouble with the authorities over violating anti-monopoly regulations.&nbsp;

Reports last year emerged that Ma lived with his family in Tokyo for about six months. He was also spotted in some countries, like Spain and the Netherlands. But his exact whereabouts were not known.&nbsp;

WATCH |&nbsp;China &amp; Russia world leaders in trade surplus in 2022: Report&nbsp;

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Meanwhile, the Yungu School said on its official WeChat account that Ma, a former English teacher, discussed topics such as artificial intelligence-powered chatbot ChatGPT during the visit, and Ma said that he hoped to return to teaching one day.&nbsp;

Two sources with knowledge of the matter said that Ma returned to China last week, but there's no official confirmation.&nbsp;

Five sources with knowledge of the matter told Reuters that China's new premier, Li Qiang, had recognised that Ma's return to the mainland could help boost business confidence among entrepreneurs and since late last year had begun asking Ma to return. Li is a close ally of President Xi Jinping.&nbsp;

Ma was also seen&nbsp;in a rare public appearance when he&nbsp;weighed in on the hardships that people faced in the year 2022 during a new year's address.&nbsp;

In the video, which was seen online, Ma said, "I hope to see you all offline as soon as possible”, a hint that he is in China and may be ready to return to public life again." SCMP had reported that the video was verified by his charity foundation.&nbsp;

(With inputs from agencies)&nbsp;

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Jack Ma, the co-founder and former executive chairman of Alibaba Group, was spotted in Hangzhou, the capital of China's Zhejiang province, news agency Reuters reported on Monday (March 27).

Jack Ma, the co-founder and former executive chairman of Alibaba Group, was spotted in Hangzhou, the capital of China's Zhejiang province, news agency Reuters reported on Monday (March 27). He visited a school he founded in the city of Hangzhou. The South China Morning Post, which is owned by Alibaba, confirmed the news after a buzz on Chinese social media over Ma's return. The media outlet further reported that Ma met teachers and students at Hangzhou Yungu School. As quoted by the report, sources familiar with Ma's schedule divulged details. After he criticised the Chinese regulators in 2020, the business magnate was more or less not seen in public during Beijing's rampant crackdown on the country's technology sector. The Chinese regime targeted powerful businessmen, and Ma also ran into trouble with the authorities over violating anti-monopoly regulations. Reports last year emerged that Ma lived with his family in Tokyo for about six months. He was also spotted in some countries, like Spain and the Netherlands. But his exact whereabouts were not known. WATCH | China & Russia world leaders in trade surplus in 2022: Report × Meanwhile, the Yungu School said on its official WeChat account that Ma, a former English teacher, discussed topics such as artificial intelligence-powered chatbot ChatGPT during the visit, and Ma said that he hoped to return to teaching one day. Two sources with knowledge of the matter said that Ma returned to China last week, but there's no official confirmation. Five sources with knowledge of the matter told Reuters that China's new premier, Li Qiang, had recognised that Ma's return to the mainland could help boost business confidence among entrepreneurs and since late last year had begun asking Ma to return. Li is a close ally of President Xi Jinping. Ma was also seen in a rare public appearance when he weighed in on the hardships that people faced in the year 2022 during a new year's address. In the video, which was seen online, Ma said, "I hope to see you all offline as soon as possible”, a hint that he is in China and may be ready to return to public life again." SCMP had reported that the video was verified by his charity foundation. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Jack Ma returns to China after nearly a year of overseas travel, visits a school

The entrepreneur was spotted at a hotel in Melbourne in recent days and was later confirmed to be spending time in the country. Snapshots of the Alibaba Group co-founder surfaced on Twitter, though their authenticity hasn't been verified.

Jack Ma spotted at a hotel in Australia's Melbourne

#Gravitas | Alibaba co-founder Jack Ma has reappeared. He was spotted at a hotel in Melbourne. What's he doing there? @mollygambhir reports.

Gravitas: Jack Ma spotted in Australia | How Xi Jinping destroyed Jack Ma

Jack Ma was once the poster boy of Chinese capitalism, he is now being called a villain. What led to his fall? Priyanka Sharma tells you.

Gravitas: Jack Ma set to give up control of his fintech company ANT Group

Chinese billionaire Jack Ma will cede control of fintech giant Ant Group as a part of its 'restructuring',&nbsp;the company confirmed the news on Saturday. In a statement,&nbsp;the company said that no shareholder, alone or jointly will have control over the group after the completion of the readjustment.&nbsp;"The adjustment is being implemented to further enhance the stability of our corporate structure and sustainability of our long-term development," the company in its statement added.&nbsp;

<a href="https://www.wionews.com/world/jack-mas-new-year-address-billionaire-speaks-to-teachers-in-china-about-hardships-of-2022-548343">Also read |&nbsp;Jack Ma's new year address: Billionaire speaks to teachers in China about hardships of 2022</a>

The company laid out its previous structure which showed that Ma solely had 53.46 per cent of voting rights which will now fall to 6.2 per cent, according to calculations done by Reuters.&nbsp;

Watch |&nbsp;Gravitas | Reports: Jack Ma is hiding out in Tokyo

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"As a result, Jack Ma (was) deemed to be the control person of Ant Group prior to the adjustment," it said.

The move represents another big development following a regulatory crackdown that scuppered Ant's 37 billion IPO in late 2020 and forced the tech giant to undergo a forced readjustment.&nbsp;

<a href="https://www.wionews.com/world/chinese-billionaire-jack-ma-is-living-in-tokyo-since-beijings-crackdown-on-technology-sector-report-538670">Also read |&nbsp;Chinese billionaire Jack Ma is living in Tokyo since Beijing's crackdown on technology sector: Report</a>

The Bejing authorities also hit Alibaba, co-founded by Ma, with a record fine of $275 billion for alleged unfair practices.&nbsp;

Reacting to the news, Andre Collier, Managing Director, Orient Capital Research, Hong Kong said, "Jack Ma's departure from Ant, a company he founded, shows the determination of the Chinese leadership to reduce the influence of large private investors. This trend will continue the erosion of the most productive parts of the Chinese economy."

(With inputs from agencies)

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Chinese billionaire Jack Ma will cede control of fintech giant Ant Group as a part of its 'restructuring', the company confirmed the news on Saturday. In a statement, the company said that no shareholder, alone or jointly will have control over the group after the completion of the readjustment.

Chinese billionaire Jack Ma will cede control of fintech giant Ant Group as a part of its 'restructuring', the company confirmed the news on Saturday. In a statement, the company said that no shareholder, alone or jointly will have control over the group after the completion of the readjustment. "The adjustment is being implemented to further enhance the stability of our corporate structure and sustainability of our long-term development," the company in its statement added. Also read | Jack Ma's new year address: Billionaire speaks to teachers in China about hardships of 2022 The company laid out its previous structure which showed that Ma solely had 53.46 per cent of voting rights which will now fall to 6.2 per cent, according to calculations done by Reuters. Watch | Gravitas | Reports: Jack Ma is hiding out in Tokyo "As a result, Jack Ma (was) deemed to be the control person of Ant Group prior to the adjustment," it said. The move represents another big development following a regulatory crackdown that scuppered Ant's 37 billion IPO in late 2020 and forced the tech giant to undergo a forced readjustment. Also read | Chinese billionaire Jack Ma is living in Tokyo since Beijing's crackdown on technology sector: Report The Bejing authorities also hit Alibaba, co-founded by Ma, with a record fine of $275 billion for alleged unfair practices. Reacting to the news, Andre Collier, Managing Director, Orient Capital Research, Hong Kong said, "Jack Ma's departure from Ant, a company he founded, shows the determination of the Chinese leadership to reduce the influence of large private investors. This trend will continue the erosion of the most productive parts of the Chinese economy." (With inputs from agencies) WATCH WION LIVE HERE

Chinese billionaire Jack Ma to cede control of Ant Group after regulatory crackdown: Report

Jack Ma, the co-founder and former executive chairman of Alibaba Group, weighed in on the hardships that people faced in the year 2022 in a rare public appearance, the South China Morning Post (SCMP) reported on Saturday (December 31).&nbsp;

His video appearance comes as China is currently reeling amid a sudden rise in coronavirus (COVID-19) cases. China eased some Covid measures after public outrage over the zero-Covid policy followed by a deadly apartment fire in the country's far west.&nbsp;

In the video seen online, Ma said, "I hope to see you all offline as soon as possible”, a hint that he is in China and may be ready to return to public life again." As per the SCMP report, the video has been verified by his charity foundation.&nbsp;

The Chinese billionaire spoke to 100 teachers from China's rural areas. The live video speech is an annual tradition for his foundation. But this year's is quite intriguing as there have multiple rumours about his whereabouts.&nbsp;

During the address which is part of his Rural Teachers Initiative, the billionaire said, "Teachers have had a difficult year. You had to teach while protecting children."&nbsp;

During his address, Ma told the teachers that he was "moved" by their work and despite the hardships, they are still "cheerful" and "committed". He asked them to "take care of themselves and the kids during this time".&nbsp;

The video didn't reveal his actual location, but it is believed that he is back in China. In November, The Financial Times reported citing sources that Jack Ma was living with his family in Tokyo for almost six months.&nbsp;

The business magnate is more or less not seen in public ever since he criticised the Chinese regulators in 2020. He has been spotted in some countries, like Spain and the Netherlands.&nbsp;

Reports about his location remained in news headlines when in 2020, he accused the state-run banks of having a "pawnshop mentality". After he made the accusations, the companies he founded—Ant and Alibaba—were targeted by authorities, and faced regulatory obstacles.&nbsp;

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Jack Ma, the co-founder and former executive chairman of Alibaba Group, weighed in on the hardships that people faced in the year 2022 in a rare public appearance, the South China Morning Post (SCMP) reported on Saturday (December 31).

Jack Ma, the co-founder and former executive chairman of Alibaba Group, weighed in on the hardships that people faced in the year 2022 in a rare public appearance, the South China Morning Post (SCMP) reported on Saturday (December 31). His video appearance comes as China is currently reeling amid a sudden rise in coronavirus (COVID-19) cases. China eased some Covid measures after public outrage over the zero-Covid policy followed by a deadly apartment fire in the country's far west. In the video seen online, Ma said, "I hope to see you all offline as soon as possible”, a hint that he is in China and may be ready to return to public life again." As per the SCMP report, the video has been verified by his charity foundation. The Chinese billionaire spoke to 100 teachers from China's rural areas. The live video speech is an annual tradition for his foundation. But this year's is quite intriguing as there have multiple rumours about his whereabouts. During the address which is part of his Rural Teachers Initiative, the billionaire said, "Teachers have had a difficult year. You had to teach while protecting children." During his address, Ma told the teachers that he was "moved" by their work and despite the hardships, they are still "cheerful" and "committed". He asked them to "take care of themselves and the kids during this time". The video didn't reveal his actual location, but it is believed that he is back in China. In November, The Financial Times reported citing sources that Jack Ma was living with his family in Tokyo for almost six months. The business magnate is more or less not seen in public ever since he criticised the Chinese regulators in 2020. He has been spotted in some countries, like Spain and the Netherlands. Reports about his location remained in news headlines when in 2020, he accused the state-run banks of having a "pawnshop mentality". After he made the accusations, the companies he founded—Ant and Alibaba—were targeted by authorities, and faced regulatory obstacles. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Jack Ma's new year address: Billionaire speaks to teachers in China about hardships of 2022

Reports say Alibaba co-founder Jack Ma is hiding out in Tokyo along with his family. This comes after Xi Jinping blocked the IPO of Ma's Ant group and ordered Alibaba to sell off its media assets. Is Xi Jinping threatened by Ma's popularity? Listen in to Priyanka Sharma.

Gravitas | Reports: Jack Ma is hiding out in Tokyo

Jack Ma, the co-founder and former executive chairman of Alibaba Group, has been living with his family in Tokyo for almost six months, The Financial Times reported on Tuesday citing sources.&nbsp;

The news about his whereabouts came amid China's rampant crackdown on the country's technology sector. The Chinese regime has targeted powerful businessmen, and Jack Ma too ran into trouble with the authorities over violating anti-monopoly regulations.&nbsp;

People with direct knowledge of his current home told the media outlet that the Chinese billionaire's stay in Tokyo included stints in hot springs and ski resorts in the countryside outside the Japanese capital. He and his family reportedly had regular trips to the US and Israel.&nbsp;

The business magnate is more or less not seen in public ever since he criticised the Chinese regulators in 2020. He has been spotted in some countries, like Spain and the Netherlands.&nbsp;

In 2020, he&nbsp;accused the state-run banks of having a "pawnshop mentality". After he made the accusations, the companies he founded—Ant and Alibaba—were targeted by authorities, and faced regulatory obstacles.&nbsp;

WATCH |&nbsp;Singapore Airlines and Tata Group to merge Air India, Vistara by March 2024&nbsp;

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The FT report said that he has kept a low profile during his stay in Tokyo. He brought his personal chef and security with him and kept his public activities to a minimum, said the people who know his location.&nbsp; 
&nbsp; 
His social activities centre around a small handful of private members' clubs, with one based in the heart of Tokyo's swish Ginza district and another in the Marunouchi financial district facing the Imperial Palace.&nbsp;

Although there's no official reaction, some claim that the billionaire had used his time in Japan to expand his business interests. The Jack Ma Foundation and Ant did not respond to requests for comment regarding his visit to Tokyo.&nbsp;

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Jack Ma, the co-founder and former executive chairman of Alibaba Group, has been living with his family in Tokyo for almost six months, The Financial Times reported on Tuesday citing sources.

Jack Ma, the co-founder and former executive chairman of Alibaba Group, has been living with his family in Tokyo for almost six months, The Financial Times reported on Tuesday citing sources. The news about his whereabouts came amid China's rampant crackdown on the country's technology sector. The Chinese regime has targeted powerful businessmen, and Jack Ma too ran into trouble with the authorities over violating anti-monopoly regulations. People with direct knowledge of his current home told the media outlet that the Chinese billionaire's stay in Tokyo included stints in hot springs and ski resorts in the countryside outside the Japanese capital. He and his family reportedly had regular trips to the US and Israel. The business magnate is more or less not seen in public ever since he criticised the Chinese regulators in 2020. He has been spotted in some countries, like Spain and the Netherlands. In 2020, he accused the state-run banks of having a "pawnshop mentality". After he made the accusations, the companies he founded—Ant and Alibaba—were targeted by authorities, and faced regulatory obstacles. WATCH | Singapore Airlines and Tata Group to merge Air India, Vistara by March 2024 × The FT report said that he has kept a low profile during his stay in Tokyo. He brought his personal chef and security with him and kept his public activities to a minimum, said the people who know his location. His social activities centre around a small handful of private members' clubs, with one based in the heart of Tokyo's swish Ginza district and another in the Marunouchi financial district facing the Imperial Palace. Although there's no official reaction, some claim that the billionaire had used his time in Japan to expand his business interests. The Jack Ma Foundation and Ant did not respond to requests for comment regarding his visit to Tokyo. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Chinese billionaire Jack Ma is living in Tokyo since Beijing's crackdown on technology sector: Report

Chinese authorities are poised to impose a fine of more than $1 billion on Jack Ma's Ant Group, said six sources with direct knowledge of the matter, setting the stage for ending the fintech company's two-year long regulatory overhaul.

The People's Bank of China (PBOC), which has been driving the revamp at Ant after the Chinese firm's $37 billion IPO was scuttled at the last minute in 2020, is the regulator that is readying the fine, said five of the sources.

The central bank has been in informal communication with Ant about the fine over the past few months, said three of the sources. It plans to hold more discussions with other regulators about Ant's revamp later this year and announce the fine as soon as the second quarter of next year, said a source.

A fine on Ant could help pave the way for the company to secure a long-awaited financial holding company license, seek growth again, and eventually revive its plans for a public market debut.

Also read |&nbsp;<a href="https://www.wionews.com/world/indonesian-president-announces-compensation-for-quake-victims-as-search-for-survivors-continues-536364">Indonesia quake toll rises to 252, president announces compensation for families of victims</a>

Ant's fine would be the largest regulatory penalty imposed on a Chinese internet company since ride-hailing major Didi Global was fined $1.2 billion by China's cybersecurity regulator in July.

The fintech firm's affiliate, e-commerce titan Alibaba Group (9988.HK), last year received a record fine of 18 billion yuan ($2.51 billion) for antitrust violations.

The penalties are part of Beijing's sweeping crackdown on the country's tech behemoths that has sliced hundreds of billions of dollars off their values and shrunk revenues and profits.

But Chinese authorities have in recent months softened their tone on the tech crackdown amid efforts to bolster an economy that has been hurt by the COVID-19 pandemic.

A fine will likely focus on Ant's alleged violations relating to a "disorderly expansion of capital" and the corresponding financial risks its once freewheeling businesses have caused, said one of the sources.

Ant and the PBOC did not respond to Reuters' requests for comment.

All the sources spoke on the condition of anonymity as they were not authorised to speak to the media.

BUSINESS OVERHAUL

Chinese authorities abruptly pulled the plug on Ant's IPO, which was set to be the world's biggest, in November 2020 soon after billionaire founder Ma publicly criticised China's regulatory system for stifling innovation.

In the months since then, regulators set about reining in Ma's empire, starting with the antitrust probe into Alibaba. Ma, one of China's most successful and influential businessmen, has largely remained out of public view since the crackdown.

The regulators also pushed Ant, whose businesses span payment processing, consumer lending and insurance products distribution, to revamp its business structure and bring it under tighter regulatory supervision.

Ant has been formally undergoing a sweeping business overhaul since April last year which includes turning itself into a financial holding firm, subject to rules and capital requirements similar to those for banks.

The overhaul includes folding Ant's two lucrative micro-loan businesses into a consumer finance unit and sharing its treasure trove of data on more than 1 billion users with state firms, a move expected to curb its profitability and valuation by curtailing some of its businesses. read more

The penalty on Ant, however, is unlikely to be finalised till China appoints a number of top officials at the State Council and other government bodies next year, said four of the sources.

While China's ruling Communist Party wrapped up its twice-a-decade congress and central leadership reshuffle last month, top posts at the cabinet and government bodies are still subject to changes, which typically take place at the annual meeting of parliament in early March.

Also read |&nbsp;<a href="https://www.wionews.com/world/car-bomb-explosion-at-thai-police-compound-leaves-at-least-one-dead-30-injured-536393">Car bomb explosion at Thai police compound leaves at least one dead, 30 injured</a>

The central bank's chief, Yi Gang, 64, is likely to step down as he nears the official retirement age of 65 for minister-level officials.

China's State Council Information Office, which handles media queries for the cabinet, did not respond to a request for comment.

Just before Ant's IPO dust-up, the central bank officially issued rules to regulate the country's vast and often complex financial holdings companies, as part of its efforts to rein in systemic financial risks.

It has so far approved the establishment of three such firms including China CITIC Financial Holdings.

The central bank's local branch in the eastern city of Hangzhou, home to Ant's headquarters, received the firm's application to set up a financial holding company in June, two of the six sources and a separate person said.

The PBOC, however, is unlikely to formally disclose the application till Ant wraps up its revamp, added the sources.

Chinese authorities are poised to impose a fine of more than $1 billion on Jack Ma's Ant Group, said six sources with direct knowledge of the matter, setting the stage for ending the fintech company's two-year long regulatory overhaul.

Chinese authorities are poised to impose a fine of more than $1 billion on Jack Ma's Ant Group, said six sources with direct knowledge of the matter, setting the stage for ending the fintech company's two-year long regulatory overhaul. The People's Bank of China (PBOC), which has been driving the revamp at Ant after the Chinese firm's $37 billion IPO was scuttled at the last minute in 2020, is the regulator that is readying the fine, said five of the sources. The central bank has been in informal communication with Ant about the fine over the past few months, said three of the sources. It plans to hold more discussions with other regulators about Ant's revamp later this year and announce the fine as soon as the second quarter of next year, said a source. A fine on Ant could help pave the way for the company to secure a long-awaited financial holding company license, seek growth again, and eventually revive its plans for a public market debut. Also read | Indonesia quake toll rises to 252, president announces compensation for families of victims Ant's fine would be the largest regulatory penalty imposed on a Chinese internet company since ride-hailing major Didi Global was fined $1.2 billion by China's cybersecurity regulator in July. The fintech firm's affiliate, e-commerce titan Alibaba Group (9988.HK), last year received a record fine of 18 billion yuan ($2.51 billion) for antitrust violations. The penalties are part of Beijing's sweeping crackdown on the country's tech behemoths that has sliced hundreds of billions of dollars off their values and shrunk revenues and profits. But Chinese authorities have in recent months softened their tone on the tech crackdown amid efforts to bolster an economy that has been hurt by the COVID-19 pandemic. A fine will likely focus on Ant's alleged violations relating to a "disorderly expansion of capital" and the corresponding financial risks its once freewheeling businesses have caused, said one of the sources. Ant and the PBOC did not respond to Reuters' requests for comment. All the sources spoke on the condition of anonymity as they were not authorised to speak to the media. BUSINESS OVERHAUL Chinese authorities abruptly pulled the plug on Ant's IPO, which was set to be the world's biggest, in November 2020 soon after billionaire founder Ma publicly criticised China's regulatory system for stifling innovation. In the months since then, regulators set about reining in Ma's empire, starting with the antitrust probe into Alibaba. Ma, one of China's most successful and influential businessmen, has largely remained out of public view since the crackdown. The regulators also pushed Ant, whose businesses span payment processing, consumer lending and insurance products distribution, to revamp its business structure and bring it under tighter regulatory supervision. Ant has been formally undergoing a sweeping business overhaul since April last year which includes turning itself into a financial holding firm, subject to rules and capital requirements similar to those for banks. The overhaul includes folding Ant's two lucrative micro-loan businesses into a consumer finance unit and sharing its treasure trove of data on more than 1 billion users with state firms, a move expected to curb its profitability and valuation by curtailing some of its businesses. read more The penalty on Ant, however, is unlikely to be finalised till China appoints a number of top officials at the State Council and other government bodies next year, said four of the sources. While China's ruling Communist Party wrapped up its twice-a-decade congress and central leadership reshuffle last month, top posts at the cabinet and government bodies are still subject to changes, which typically take place at the annual meeting of parliament in early March. Also read | Car bomb explosion at Thai police compound leaves at least one dead, 30 injured The central bank's chief, Yi Gang, 64, is likely to step down as he nears the official retirement age of 65 for minister-level officials. China's State Council Information Office, which handles media queries for the cabinet, did not respond to a request for comment. Just before Ant's IPO dust-up, the central bank officially issued rules to regulate the country's vast and often complex financial holdings companies, as part of its efforts to rein in systemic financial risks. It has so far approved the establishment of three such firms including China CITIC Financial Holdings. The central bank's local branch in the eastern city of Hangzhou, home to Ant's headquarters, received the firm's application to set up a financial holding company in June, two of the six sources and a separate person said. The PBOC, however, is unlikely to formally disclose the application till Ant wraps up its revamp, added the sources.

China set to fine Ant Group over $1 billion, signalling revamp nears end - sources

For the past two years, China has been tightening its screws on the burgeoning tech sector. They have been restricting online video games, imposing multimillion dollar anti-trust fines on online shopping platforms and banning online tutoring agencies. &nbsp;

Some of China’s crown&nbsp;jewels like Jack Ma’s Alibaba and Tencent have faced the wrath of the Chinese authorities for failing to comply with anti-monopoly trade laws.&nbsp;

But there is one sector within the tech industry which has been rapidly growing without facing any hindrance from the Chinese regulators—dating apps.&nbsp;

According to data.ai, an analytics firm, the number of dating apps have grown exponentially, from 81 in 2017, to 275 in 2022.&nbsp;

Not only that, the number of downloads has also increased, touching thousands and so have in-app purchases.&nbsp;

Last year, dating apps and social media networking sites received over $5.3 billion in investments, up from $300 million in 2019, according to data shared by PitchBook Data, Inc. &nbsp;

However, there is more than just a romantic reason why China appears to have given these dating apps free reign. They also provide a prospect for marriage—a glimmer of hope for Beijing which has been battling low fertility rates and marriage, reports The New York Times.&nbsp;

And for people, who have been grappling with loneliness during the Covid times, these apps provide them virtual sanctuaries to meet new friends, explore hobbies and discuss popular topics.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/east-asia/17-killed-in-china-restaurant-fire-cause-of-the-blaze-under-investigation-520482" hreflang="en">17 killed in China restaurant fire, cause of the blaze under investigation</a>

Zhang Lu, the founder of Soul, a dating app backed by Tencent, told NYT that “loneliness is the core problem we want to solve.” &nbsp;

But many find these dating apps as a platform for meeting new friends than gaining a dating partner. &nbsp;

In a survey conducted by a&nbsp;Chinese research institute&nbsp;in October, 89 per cent of the respondents said they had used a dating app before, with a majority of them saying they wanted to expand their social circles and not to find a partner.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/xi-jinping-appears-in-public-for-first-time-since-sco-summit-amid-rumours-520401">China's President Xi Jinping appears in public for first time since SCO Summit</a>

A Shanghai-based developer working on his own dating app, Vladimir Peters, told the NYT that many younger Chinese want the apps to provide a more holistic experience that blends entertainment and hobby exploration, and not just a love match.&nbsp;

(With inputs from agencies)&nbsp;

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For the past two years, China has been tightening its screws on the burgeoning tech sector. They have been restricting online video games, imposing multimillion dollar anti-trust fines on online shopping platforms and banning online tutoring agencies.

For the past two years, China has been tightening its screws on the burgeoning tech sector. They have been restricting online video games, imposing multimillion dollar anti-trust fines on online shopping platforms and banning online tutoring agencies. Some of China’s crown jewels like Jack Ma’s Alibaba and Tencent have faced the wrath of the Chinese authorities for failing to comply with anti-monopoly trade laws. But there is one sector within the tech industry which has been rapidly growing without facing any hindrance from the Chinese regulators—dating apps. According to data.ai, an analytics firm, the number of dating apps have grown exponentially, from 81 in 2017, to 275 in 2022. Not only that, the number of downloads has also increased, touching thousands and so have in-app purchases. Last year, dating apps and social media networking sites received over $5.3 billion in investments, up from $300 million in 2019, according to data shared by PitchBook Data, Inc. However, there is more than just a romantic reason why China appears to have given these dating apps free reign. They also provide a prospect for marriage—a glimmer of hope for Beijing which has been battling low fertility rates and marriage, reports The New York Times. And for people, who have been grappling with loneliness during the Covid times, these apps provide them virtual sanctuaries to meet new friends, explore hobbies and discuss popular topics. Also read | 17 killed in China restaurant fire, cause of the blaze under investigation Zhang Lu, the founder of Soul, a dating app backed by Tencent, told NYT that “loneliness is the core problem we want to solve.” But many find these dating apps as a platform for meeting new friends than gaining a dating partner. In a survey conducted by a Chinese research institute in October, 89 per cent of the respondents said they had used a dating app before, with a majority of them saying they wanted to expand their social circles and not to find a partner. Also read | China's President Xi Jinping appears in public for first time since SCO Summit A Shanghai-based developer working on his own dating app, Vladimir Peters, told the NYT that many younger Chinese want the apps to provide a more holistic experience that blends entertainment and hobby exploration, and not just a love match. (With inputs from agencies) WATCH WION LIVE HERE:

In China, dating apps flourish under watchful gaze of regulators. Here's why

Jack Ma is planning to give up control of Ant Group. For two years, China's most recognizable entrepreneur has been missing from the public eye. Behind the scenes - the Communist Party has dismantled his empire. Palki Sharma tells you how Beijing punished Jack Ma.

Gravitas: How China destroyed Jack Ma

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