Jack Ma's Alibaba and Ant Group collectively lost $850 billion in value since their peak in 2020.
They came under pressure following Ma's criticism of Beijing, which spurred a regulatory crackdown.
On Friday, Beijing announced a $985 million fine for Ant Group, signaling an end to the crackdown.
In April, he was appointed an honorary professor at the University of Hong Kong.
Alibaba shares in Hong Kong were up 3.1% at 86.90 Hong Kong dollars apiece at midday, buoyed by news of the fine.
Persons:
Jack Ma's Alibaba, Jack Ma, Ma, —, Ant —
Organizations:
Ant Group, Ant, Michelin, University of Hong, Hong
Locations:
Beijing, China's, Alibaba, China, Bangkok, Thai, Hong Kong, Hangzhou, University of Hong Kong, Japan, New York