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Four years ago, Jack Ma was the embodiment of China’s spectacular economic rise. Already the country’s wealthiest and most famous businessman, he was poised to become one of the richest in the world. The expected initial public offering of Mr. Ma’s fintech company, Ant Group, was projected to surpass the record-shattering launch of his e-commerce giant, Alibaba. At the same time, another wealthy Chinese businessman was awaiting a very different fate. Mr. Xiao had amassed a fortune manipulating markets and cultivating close ties to relatives of top Chinese officials, and he was about to be made an example.

Persons: Jack Ma, Ma’s, Bill Gates, Steve Jobs, Xiao Jianhua, Xiao Organizations: Ant, The New York Times Locations: China

No businessman in China was more successful, famous or rich than Jack Ma, whose magic touch turned companies like Alibaba into international juggernauts. But an investigation by The New York Times and The Wire China found that another Chinese businessman, with deep connections to relatives of China’s political elite, had been secretly investing in Mr. Ma’s companies. Through a network of shell companies and stand-ins, that businessman, Xiao Jianhua, entered into deals in Mr. Ma’s companies over a period of five years, the investigation found. Mr. Xiao, a billionaire, is now in detention serving a 13-year-sentence for bribery and corruption, a high-profile target in President Xi Jinping’s dramatic consolidation of power. Mr. Ma, for his part, has all but retreated from public life, having no formal role in the companies he founded.

Persons: Jack Ma, Xiao Jianhua, Xiao, Xi, Ma, Alibaba, Ma “, Ma’s Organizations: The New York Times, Mr Locations: China

☆ Carlyle’s Big Mac China dish is hard to match
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, Nov 22 (Reuters Breakingviews) - Carlyle (CG.O) may be lagging its peers in the United States. But in China, at least, the buyout firm is finishing a meal that will be hard for others to find. That’s less than the private equity outfit run by Harvey Schwartz was hoping for, but is tasty enough. Given geopolitical tensions and China’s weak economic growth, Carlyle has done well to secure a hassle-free exit. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Carlyle, repurchasing, Harvey Schwartz, ByteDance, Jack Ma’s Ant, Antony Currie, Thomas Shum Organizations: Reuters, HK, X, Walmart, Thomson Locations: SINGAPORE, United States, China, People’s Republic, Hong Kong, Macau, McDonald’s, Rome

☆ Jack Ma loses more than half of his wealth after criticizing Chinese regulators
▼ + stars: | 2023-07-12 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Ma, who also co-founded e-commerce firm Alibaba (BABA), has a 9.9% stake in Ant, according to Bloomberg. Chinese regulators pulled the plug on Ant’s $37 billion IPO in November 2020 and ordered the company to restructure its business. In recent years, he has reportedly spent time in Japan, home to his friend and Alibaba investor, SoftBank (SFTBF) CEO Masa Son, and in Hong Kong. In January, Ma gave up control of Ant after it spent two years revamping its business from consumer lending to insurance products at the behest of regulators. Ant and its units were also fined $984 million by Chinese financial regulators last week, for allegedly breaking rules related to consumer protection and corporate governance.

Persons: Jack Ma’s, Ant, Ma, Masa Son, Alibaba Organizations: Hong Kong CNN, Bloomberg, Ant Group, CNN Locations: Hong Kong, China, Shanghai, Japan, Tokyo

☆ Alibaba stock soars as China ends tech crackdown with Ant Group fine
▼ + stars: | 2023-07-07 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAlibaba stock soars as China ends tech crackdown with Ant Group fineCNBC's Deirdre Bosa joins 'Power Lunch' to report why investors are reacting optimistically to the news of Beijing slapping a nearly $1 billion fine on Jack Ma’s Ant Group.

Persons: Deirdre Bosa, Jack Ma’s Ant Organizations: Ant Locations: China, Beijing

☆ Alibaba’s restructuring and Jack Ma’s homecoming are all part of China’s plan
▼ + stars: | 2023-03-29 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Ma is seen as a symbol of China’s tech industry and a barometer of the Chinese government’s support for private business. Alibaba’s restructuring is “part of [Beijing’s] strategy to shore up confidence in the private sector,” said Hong Hao, chief economist for Grow Investment Group. “[Alibaba’s restructuring plan] offers a way to limit monopoly power and platform sway,” Hong said. Unlocking valueInvestors and analysts have cheered Alibaba’s restructuring. Alibaba’s business will be split into six units: domestic e-commerce, international e-commerce, cloud computing, local services, logistics, and media and entertainment.

He used to be boss of a tech giant. Now he’s studying fish and rice. The peregrinations of Jack Ma , co-founder of Alibaba Group Holding Ltd., over the past year have included a visit to a Japanese lab specializing in farmed tuna—where the staff didn’t recognize him—and a Dutch university to learn about sustainable food production.

☆ Jack Ma's Alibaba, China tech giants are making a comeback post zero Covid
▼ + stars: | 2023-01-05 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Chinese tech giants are witnessing a dream start to the year. US-listed shares of Chinese e-commerce firms Alibaba (BABA), JD.com (JD) and Pinduoduo (PDD) added $53 billion to their combined market value on Wednesday. The surge comes as investors are feeling optimistic that Chinese regulators will go easy on tech firms this year and also introduce measures to boost growth in the industry. The change in sentiment comes after Jack Ma’s Ant Group won a key approval for capital expansion. Chinese tech companies have faced a sweeping regulatory crackdown since late 2020, which drove investors away.

☆ China steps up support for private sector to boost Covid-hit economy
▼ + stars: | 2022-12-19 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Beijing has vowed to go all out next year to save its Covid-hit economy by boosting consumption and loosening control over private industry, including the struggling tech and property sectors. Covid infections are surging in China after leaders unexpectedly eased its restrictive Covid policy earlier this month. Stabilizing economic growth is the top priority for 2023, according to an official readout following the conclusion of the Central Economic Work Conference (CEWC), a key annual meeting of top leaders, which ended Friday. “We need to encourage and support the private sector economy and private enterprise in terms of policy and public opinion,” the statement said. A shopping mall is decorated with rabbit stickers to welcome the Lunar New Year, the Year of the Rabbit, on December 10, 2022 in Beijing, China.

China’s technology sector has taken a pounding since watchdogs cancelled Ant’s $37 billion stock market debut at the last minute in 2020. The Hang Seng Tech index (.HSTECH), which includes social media giant Tencent (0700.HK) and JD, has fallen another 38% this year. China's powerful market regulator proposed amendments on Tuesday to a law on unfair competition. The e-commerce giant intends, in addition, to allocate at least 10 billion yuan to offer employees interest-free loans to buy a house. The benefits include plans to allocate 10 billion yuan ($1.40 billion) to a fund to assist employees of JD and recently acquired courier firm Deppon Logistics with buying homes.

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