The fact that Alibaba founder Jack Ma might take an overseas trip boosted the company's share price. After being disgraced by the Chinese authorities, Jack Ma disappeared from the public eye for over a year. Now, he is traveling to Europe.
Officially, Jack Ma has come to Europe for acquaintance purposes. He is also going to take part in business negotiations. Although the press release does not mention a particular country, an anonymous source says the Alibaba founder is in Spain. The purpose of the visit is to present technologies related to solving environmental problems. It has been his first trip in more than a year. In 2018, Ma spent one of every three days traveling. The news that Alibaba founder traveled to Europe, as well as the release of a new chip, gave a strong boost to the share price up to 9%.
As a reminder, Jack Ma has not appeared in public since October 2020 after criticizing China’s regulatory system. Addressing a conference in Shanghai, the businessman said that Chinese banks suffered from a “pawnshop mentality”. He also chided Chinese regulators for stifling innovation. A few days later, China's State Administration for Market Regulation (SAMR) launched an investigation into the alleged monopolistic practices of Alibaba Group Holding. Persecution by the authorities halted the IPO (initial public offering) of Ant Group, an affiliate company of the Chinese Alibaba Group. It was to be the largest ever in terms of funds raised.