A year after Beijing reined in his empire, the billionaire Alibaba e-commerce tycoon is taking a low-key trip to Europe
This was supposed to be Jack Ma’s finest hour: a year ago to the day, his Ant Group was meant to go public in a $37bn blaze of glory. Instead Beijing reined in his empire, abruptly clipping the wings of corporate China’s biggest star.
Alibaba’s government relations team was subsequently told by Chinese officials that Beijing was unhappy about Ma meeting Trump without its prior approval, two of the people close to the company said. Investors are hungry for clues about Ma’s situation: the mere sighting of the businessman on the Spanish island of Mallorca last month, his first trip abroad in over a year, immediately saw Alibaba gain as much as $42bn in value.
“Jack was rubbing shoulders regularly with foreign presidents, prime ministers, royalty, celebrities at places like Davos or on his own visits overseas. There was a constant stream of VIP visitors to see him in Hangzhou too.
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