Jack Ma is back in public after more than two months away. The Chinese billionaire and founder of Alibaba has gone abruptly after criticizing the Chinese government over the country’s lending policies. He called the banks state pawnshops, for which Xi Jingping personally decided to cancel the IPO of Ant Group, one of the subsidiaries of Ma’s holding.
The authorities forbade him to leave the country, but it seems that he did not even think about it. The billionaire has appeared in two videos related to his patronage activities. In one he made a video link to an event organized by his Rural Teachers’ Initiative, and in another he visited a school near Hangzhou, which he helped to renovate.
Ma has such a high level of authority that his mere absence or presence can have a huge impact on the markets and his company. Alibaba shares soared 8.6% after its public appearance. Now the price for them has slightly corrected, but they are at a level higher than it was before the appearance of Ma. According to sources, he just went to the bottom during the proceedings with the Ant Group.