Hong Kong-listed Alibaba shares jumped 9% after reports that its founder, Jack Ma, has traveled to Europe, and the company announced a new tranche, but Alibaba’s stock fell slightly to close at the end of the day, up 6.6%.
Network news reports that Jack Ma flew to Spain for the weekend with his billionaire friends and business associates for a sailing vacation. The South China Morning Post, affiliated with Alibaba, reported that Jack Ma was in Spain for a study tour on agriculture, technology and some environmental issues.
Jack Ma’s presence has been making headlines since his absence from public last October after his speech criticizing Chinese regulators, which led to the cancellation of the initial public offering of the fintech giant Ant Group, and since then, The Chinese tech sector has suffered intense scrutiny by regulators until today, read more [China Keeps Scrutinize The Technology And Internet Sector].
Technology companies in China have seen hundreds of billions of dollars written off from their valuations due to this strict crackdown, with the biggest example being Alibaba, whose US-listed shares have fallen by more than 23% since the beginning of the year so far, and in January, and when Ma appeared for the first time since slipping out of sight after his October speech, Alibaba’s stock was up for the day.
This week, Alibaba also revealed news related to its cloud business, as it launched a new segment designed for network servers in an attempt to support its capabilities in the field of cloud computing.