Jack Ma
Director, Alibaba GroupBirth DetailsSeptember 10, 1964 | Hangzhou, Zhejiang province, China
NationalityChinese
LeagueEntrepreneur
EducationHangzhou Teachers College
Net Worth$46.3 billion (as of July 15, 2020)
Jack Ma's Assets:
Jack Ma's Journey so far ...
Before you go ...
- Alibaba Group
- Ant Financial
Jack Ma's Journey so far ...
- Fascinated by the English language, Jack Ma (or Ma Yun) learned it by himself at the age of 12. He worked as a tour guide for English-speaking visitors and eventually went on to work as an English teacher
- This fascination helped him with his first business. In 1994, he started a company which provided English translation and interpretation services
- Ma realised the potential of the Internet after being introduced to the technology during a visit to the United States
- In 1995, he found an internet-based company called China Pages. It was one of the first internet ventures in China and helped small businesses create their own websites
- He left the business couple of years later and worked for the government for a brief period
- The Internet was booming in the country and in 1999, Ma co-founded Alibaba -- a business-to-business (B2B) marketplace -- with a seed capital of $60,000 raised from 18 co-founders
- Alibaba.com quickly gained traction and had over 1 million users by 2002. Its 2007 Hong Kong IPO raised $1.7 billion dollars (the company delisted itself from the market around 5 years later)
- Alibaba’s success prompted Ma to further explore the market and in 2003, he created Taobao -- an online marketplace where consumers could connect with other consumers -- and later the online payments platform Alipay in 2004
- Ma stepped down as Alibaba’s CEO in May 2013
- In September 2014, Alibaba’s IPO in the New York Stock Exchange became the largest-ever public offering in the world at the time raising around $25 billion
- He retired as the executive chairman of Alibaba in September 2019 at the age of 55
- Currently, he owns 4.2% of Alibaba and has created several companies which help businesses and consumers all around the world
Before you go ...
- He used to earn $15 per month in his first job
- Jack Ma has faced several rejections in his early life including more than a dozen while trying to find a job. Legend has it that his Harvard Business School application was snubbed 10 times!
Last Updated: 12/02/2021
Jack Ma News
- Thursday Motivation by Jack Ma: 'Never give up. Today is hard, tomorrow will be worse, but the day after tomorrow will be...'Jack Ma, Alibaba co-founder, faced many rejections before internet success. His quote "Never give up" reflects his belief in overcoming hardship. Alibaba grew into a global e-commerce giant. Ma now focuses on education and philanthropy. His story shows that determination leads to success, even after repeated failures. He remains an influential figure.
- Wealth quote of the day by Jack Ma: “When you have $1 million, that’s your money.... When you have $1 billion, that’s not your money....” — From Alibaba’s humble roots to China’s silicon superpower: how Ma’s journey reshaped global techWealth quote of the day by Jack Ma: “When you have $1 million, that’s your money. When you have $20 million, you start to have a problem. When you have $1 billion, that’s not your money. That’s the trust society gave you.” Jack Ma’s journey from a rejected English teacher to a tech visionary is a masterclass in grit. In 2026, his wealth reflects societal trust, not just profit. With a net worth exceeding $31 billion, Ma now guides Alibaba’s $53 billion AI expansion. He transforms past failures—like ten Harvard rejections—into fuel for China’s silicon future. Today, his focus shifts to ethical AI and global sustainability, bridging business with social responsibility.
- Jack Ma returns to Alibaba amid AI push, market challengesJack Ma has returned to Alibaba’s offices and is more involved than he has been since 2019, Bloomberg reports. Although he holds no formal position, he has influenced major moves by the ecommerce company. While Joe Tsai and Eddie Wu officially lead the company, Ma is keeping a close eye on key developments.
- Jack Ma returns with a vengeance to ‘Make Alibaba Great Again’Jack Ma, after a period away from the public eye, has returned to Alibaba, becoming actively involved in the company's strategic direction. He is influencing key decisions, particularly in artificial intelligence and the e-commerce battle against rivals like JD.com and Meituan.
- Labubu can make you a billionaire; Pop Mart founder Wang Ning beat Jack Ma to become China’s youngest billionaire, net worth will leave you stunnedLabubu's global popularity has propelled Pop Mart's founder, Wang Ning, to billionaire status, surpassing Jack Ma. The collectible dolls, fueled by blind box excitement and celebrity endorsements, have driven Pop Mart's shares skyward. With projected sales of USD 4 billion by 2025, Wang Ning's fortune is set to climb even higher as Labubu dominates the collectible market.
- Ant Group quarterly profit falls 60% to $663 millionAlibaba said the decrease in profit for Ant Group was mainly attributable to "investments in new growth initiatives and technologies, and the decrease in fair value of certain investments". Both groups were cofounded by Chinese billionaire Jack Ma and Alibaba holds a 33% stake in Ant.
- Ant Financial exits Paytm; sells 5.84% for Rs 3,803 croreFollowing the stake sale, shares of One97 Communications fell 1.45% to ₹1,062 apiece on NSE, while the scrip of the company went lower by 1.23% to ₹1,065 on BSE.
- Watch: Jack Ma is trending again, and this time it’s for riding a bicycleJack Ma, the billionaire co-founder of Alibaba, has been spotted cycling through Hangzhou in a rare public appearance. The video of him riding alone without security has sparked wide interest online, prompting fresh questions about his years-long disappearance. Ma had largely vanished from public life after criticising Chinese regulators in 2020, which led to a government crackdown. His reappearance now, months after attending a meeting with President Xi Jinping, could signal a cautious return to the public and business spotlight.
- Jack Ma-backed Ant to add Circle’s Stablecoin to global netAnt Group is collaborating with Circle to integrate the USDC stablecoin. This will be on Ant's blockchain platform. The move follows US regulations for dollar-pegged cryptocurrencies. Ant International aims to introduce regulated cryptocurrencies. These include central bank digital currencies. The company is also seeking stablecoin licenses in Singapore and Hong Kong.
- Ant unit plans to apply for stablecoin issuer license in Hong KongAnt Group’s overseas arm, Ant International, plans to apply for a stablecoin issuer license in Hong Kong after new regulations take effect on August 1. The company may also seek licenses in Singapore and Luxembourg as part of its global digital finance expansion strategy.
- China's Ant Group plans to list overseas unit in Hong Kong, report saysAnt was founded by billionaire Jack Ma and is 33% controlled by Alibaba. It operates China's ubiquitous mobile payments app Alipay. Chinese authorities pulled the plug on Ant's $37 billion IPO in Shanghai and Hong Kong in 2020 and cracked down on Ma's business empire soon after his speech in Shanghai in October that year accusing financial watchdogs of stifling innovation.
- China's Ant Group plans to list overseas unit in Hong Kong: ReportAnt Group, affiliated with Alibaba, is reportedly planning to list its overseas arm, Ant International, on the Hong Kong stock exchange. The company is communicating with regulators regarding the potential listing, registered in Singapore. This move comes after a previous IPO attempt was halted in 2020, followed by a restructuring and fine imposed by Chinese regulators.
- Trump taking shots at a rival, but Americans are flocking to its shopping appsAmerican shoppers are increasingly turning to Chinese e-commerce apps like DHgate, Taobao, and Shein for deeply discounted goods, driven by fears of rising prices on domestic platforms due to tariffs. Viral TikTok videos showcase Chinese manufacturers offering products, including potential counterfeits of luxury brands, at significantly lower prices.
- Chinese President Xi meets with global CEOs in Beijing, Xinhua reportsChinese President Xi Jinping met with global CEOs in Beijing, following the China Development Forum where Premier Li Qiang urged for open markets. Xi has focused on reassuring businesses, hosting a pro-business meeting with tech moguls like Alibaba's Jack Ma last month. This gathering mirrored last year's 90-minute audience with an all-American delegation of business leaders.
- Jack Ma-backed Ant touts AI breakthrough built on Chinese chipsAnt Group has used Chinese-made semiconductors, including chips from Alibaba and Huawei, to develop cost-effective AI training techniques, reducing costs by 20%. Its AI models, based on the Mixture of Experts approach, are competing with US firms like Nvidia. Ant aims to scale AI with lower-cost, efficient hardware for sectors like healthcare and finance.
- Alibaba shares surge after launch of new DeepSeek competitorAlibaba shares surged more than seven percent in Hong Kong trade on Thursday after the Chinese tech giant launched an artificial intelligence model it says can compete with DeepSeek, this year's surprise tech star. Shares in the e-commerce powerhouse rose more than seven percent before a midday pause in trading at Hong Kong's Stock Exchange.
- China signals renewed tech sector support, but concerns lingerA simple handshake between President Xi Jinping and once-shunned entrepreneur Jack Ma sent Chinese tech stocks booming in recent weeks as it was interpreted as the latest sign the sector is being brought in from the cold -- though experts advise caution. "Investors appear to have interpreted (the meeting with Xi and Ma) as a signal that the government's pivot towards greater private-sector freedom, which has been underway since 2023, is set to be sustained," wrote James Reilly, a senior economist at Capital Economics.
- Alibaba's strong year-end sales help to drive revenue reboundChinese retailers such as Alibaba have cut prices and intensified promotional offers to revitalise consumer spending and drive sales at their core domestic ecommerce businesses.
- Jack Ma re-emerges from oblivion: Alibaba founder joins Xi Jinping in high-stakes tech summit, is he back in Chinese President’s good books?Alibaba co-founder Jack Ma was pictured applauding Chinese President Xi Jinping.
- ETtech Top 5: Top tech and startup stories of the dayHere are top 5 tech and startup stories of the day.
- Udaan’s funding; China’s DeepSeek retortB2B ecommerce firm Udaan raised $75 million from M&G Prudential and Lightspeed at a flat valuation, its CEO Vaibhav Gupta said on Monday. This and more in today’s ETtech Top 5.
- China's Xi meets with business leaders, including Alibaba cofounder Jack Ma, to boost economyOther business leaders at Monday's meeting in Beijing were Zeng Yuqun, the chairman of battery developer CATL, Wang Chuanfu, chairman of electric cars manufacturer BYD, and Pony Ma, the CEO of Tencent, which owns WeChat, according to a video of the meeting from state broadcaster CCTV and a state media report.
- Xi Jinping to chair symposium attended by Jack Ma and other Chinese business leaders: SourcesChinese President Xi Jinping is set to chair a symposium next week aimed at boosting private sector sentiment, with prominent business leaders like Alibaba's Jack Ma and Tencent's Pony Ma in attendance. The event highlights the challenges faced by China's private sector, including U.S. tensions and domestic economic growth issues.
- Chinese tech giant Alibaba posts 5% quarterly revenue growthChinese tech and ecommerce giant Alibaba on Friday reported moderate revenue growth of five percent in its latest quarter, as Beijing works to stimulate domestic spending.
- 'Work-life balance is a farce': What Infosys founder, Elon Musk and other billionaires believe on husstle cultureThe article explores the differing views on work-life balance and hustle culture among prominent billionaires and tech leaders. Figures like NR Narayana Murthy, Elon Musk, Jack Ma, Jeff Bezos, and Alexis Ohanian share their perspectives on long work hours, dedication, and the importance of balancing personal well-being with professional success.
- A billionaire farmer fights his jailing as tycoons face crackdown in ChinaChinese billionaire Sun Dawu, serving an 18-year sentence for corruption, warns that his company's collapse could impact over ten thousand employees. His case highlights President Xi Jinping's crackdown on influential tycoons seen as threats to Communist Party control. The appeal remains unheard, while his company faces new management.
- Slacker generation’s social-media movement against ‘996’ work culture is a warning for BeijingIn response to China's notorious "996" work culture, characterized by grueling 9 am to 9 pm shifts six days a week, a new social media trend called "birding" has emerged. Young Chinese citizens are symbolically rejecting excessive work expectations by posting videos of themselves perched with hands tucked in oversized shirts, digitally placed on tree backgrounds. This protest underscores growing discontent with long hours and poor work-life balance, challenging traditional notions of productivity and national ethos.
- China tech giant Alibaba posts modest yearly revenue growthChinese ecommerce giant Alibaba announced Tuesday a modest increase in annual revenue, at a time when the firm pursues a major overhaul and regulatory curbs on the country's tech sector are relaxed. Fellow internet giant Tencent posted weakened revenue growth in the first three months of this year, also on Tuesday.
- Alibaba founder Jack Ma steps out from shadows with long internal postIn the post, which was roughly a page long, Ma praised the leadership of CEO Eddie Wu and chairman Joe Tsai and said the company's split into six divisions a year ago had helped streamline decision-making, making Alibaba more agile and customer-focused.
- Paytm Payments Bank: The controversies and challenges ahead for India's fintech poster boyThe RBI's action prohibits the bank from accepting further deposits, conducting credit transactions, or carrying out top-ups on customer accounts after February 29. Paytm wallet users will still be able to use their existing balance until it is exhausted, but they will not be able to add any more money to their accounts. The RBI's move comes after concerns were raised about money laundering and questionable dealings within the bank.
- Jack Ma bought Alibaba shares worth $50 million in fourth quarter: ReportAlibaba co-founder Jack Ma and Chairman Joe Tsai bought millions worth of shares in the Chinese e-commerce giant in the fourth quarter, the New York Times reported on Tuesday, sending the company's U.S.-listed shares up around 7%.
- Ant Group close to buying MultiSafepay in about $200 million dealAnt Group is closing in on a deal to buy Dutch payments firm MultiSafepay as part of the Chinese financial technology group's latest push into Western payment markets, people familiar with the matter told Reuters.
- Ant completes process of removing Jack Ma’s controlAs part of the process, the People’s Bank of China granted an application to remove any controlling shareholders at Ant’s Chinese payment platform Alipay.
- Why did Jack Ma invest in 'Hangzhou Ma's Kitchen Food'?According to records from the China National Enterprise Credit Information Publicity System, "Hangzhou Ma's Kitchen Food" primarily processes and sells farm products.
- Alibaba set to lose no. 1 ecomm player spot to PDDThe once-inconceivable shift reflects the turmoil that engulfed Alibaba after Beijing in 2020 targeted the company and its once-outspoken co-founder, kicking off a sweeping crackdown on the powerful tech sector. It also signals the rise of a generation of upstarts from PDD to ByteDance, which are disrupting the traditional arenas of social media and e-commerce.
- Jack Ma returns to rally troops after Alibaba’s troubles deepen“Every great company is born in a winter,” Ma wrote in response to a staff post. “The people willing to reform for the future, and the organizations willing to pay any price and sacrifice, are the ones that are truly respected.”
- Alibaba exec moves to quell staff concern over Jack Ma share sale with internal postIn a move seen as an effort to quell ongoing unease within the e-commerce giant, Jiang Fang, an Alibaba partner and its chief talent officer, said in an post on the firm's intranet seen by Reuters that Ma's office had earlier this year made a plan to sell some shares to reinvest in agriculture and public welfare projects.
- Jack Ma positive on Alibaba, will continue to hold shares: ReportThe comments from Ma's office come a day after a regulatory filing showed that his family trust was set to sell 10 million American Depository Shares of Alibaba Group Holdings, for about $871 million
- Jack Ma positive on Alibaba, will continue to hold shares: reportThe comments from Ma's office come a day after a regulatory filing showed that his family trust was set to sell 10 million American Depository Shares of Alibaba Group Holdings, for about $871 million.
- China rattles foreign firms again with arrests, Foxconn probeOver the weekend, state media said that regulators are conducting tax audits and reviewing land use by Foxconn, the Taiwanese company that makes the vast majority of iPhones at factories in China. Hon Hai Precision Industry Co., Foxconn’s public arm, said it will collaborate with authorities.
- Vanguard sells stake in joint venture with Ant: reportThe move comes months after a Reuters report said Vanguard was mulling a retreat from China, the second largest economy in the world, after a six-year presence in the country.
- China's Alibaba kicks off restructuring with plan to list logistics arm in Hong KongAlibaba said on Tuesday it had submitted an application to spin off Cainiao Smart Logistics Network to the Hong Kong stock exchange, but that financial terms such as the size of the offering had not been finalised.
- Listing of Ant Group is unlikely in the short termEarlier this month, Ant Group announced a surprise share buyback that valued the fintech giant at $78.54 billion, well below the $315 billion touted in the suspended IPO.
- Jack Ma’s wealth dips $4.1 billion, dragged by Ant’s reduced valuationOnce China’s richest tech tycoon, Jack Ma may now be worth $30 billion, which is less than half of his peak wealth before the failure of the biggest IPO in history in 2020. Jack Ma’s 9.9 per cent stake in Ant Group Co is now estimated to be worth $4.1 billion less than almost a year ago, according to the latest update on Bloomberg Billionaires Index.
- Explained: What’s next for Ant after its nearly $1 billion fine?Ant's story so far has been one of a dramatic reversal in fortunes: while its shelved $37 billion IPO in 2020 had valued the company at $315 billion, a share buyback announced on Saturday valued it 75% less at $78.5 billion.
- Jack Ma’s clash with Beijing costs Ant, Alibaba $850 billionChinese authorities said on Friday they would wrap up a probe into Ant with the financial technology company paying a fine of almost $1 billion.
- China to end Ant Group's regulatory revamp with fine of at least $1.1 billionThe People's Bank of China (PBOC), which has been driving the revamp at Ant after its $37 billion IPO was scuttled in late 2020, is expected to disclose the fine in the coming days, the sources told Reuters.
- Chinese payment giants Tencent and Ant revive effort to accept foreign credit cardsTencent, operator of the popular chat app WeChat and payment network WeChat Pay, said on Wednesday that WeChat users overseas can link credit cards issued by Visa Inc to their WeChat app from next month. Foreign tourists can then pay with WeChat when traveling in mainland China.
- SoftBank's Masayoshi son to shift to 'offensive mode' as AI boomsThe billionaire, Masayoshi Son is ending years of dormancy after his Vision Fund, the world's largest pool of tech capital, racked up billions of dollars of losses as a Covid-era internet boom withered and a global economic downturn sapped valuations.
- In overhaul, Alibaba's boss moves aside and two co-founders step upAlibaba announced Tuesday that Zhang, 51, would relinquish his top job in September. Instead, he would serve only as CEO of Alibaba's cloud computing division, a position he assumed in March when he unveiled the restructuring. Alibaba announced plans to spin off its cloud division in May, in preparation for a public listing.
- Alibaba cofounder Jack Ma appears at an event in HangzhouMa attended the final round of the Alibaba Global Mathematics Competition held in Hangzhou and spent time interacting with contestants and teachers, according to an online post by the Damo Academy.
- Alibaba president says group will expand local business in EuropeAlibaba will focus on building local businesses outside China, with Europe being the top priority, the group's president said on Thursday.
- Alibaba's Jack Ma turns up in Japan as college professorJack Ma, co-founder of Alibaba Group, has been appointed as a visiting professor at Tokyo College, a research institute run by the University of Tokyo. The university said that Ma will conduct research in sustainable agriculture and food production, and will also share his knowledge and experience on entrepreneurship, corporate management and innovation with students and faculty. Ma's appointment began on Monday and runs through the end of October.
- Alibaba founder Jack Ma takes up Tokyo University visiting professorshipThe appointment term for China's best-known entrepreneur finishes at the end of October, but the contract is renewable on an annual basis, the university said.
- Jack Ma becomes a teacher again. Here's all about his latest jobJack Ma, the billionaire, has accepted a teaching post at a university in Hong Kong.
- China expected to lower fine on Ant Group to about $700 million: reportChinese authorities, notably the People's Bank of China (PBOC) which has been driving a revamp at Ant after its $37 billion IPO was scuttled in 2020, are expected to announce the fine in the coming months.
- Instant view: Alibaba to split into six units"When you get to a certain size and have multiple different disciplines inside your business model, it's hard to have ascribed the value that would be the sum of the parts." Alibaba planned to split into six different units to ascribe an appropriate value to each of its different units, likely makes sense if they're able to pull this off."
- Billionaire Jack Ma returns to China after more than a year-long sojourn abroadJack Ma, the globe-trotting Chinese billionaire and founder of e-commerce giant Alibaba, returned to China on Monday, ending more than a year-long sojourn abroad. Ma, 58, founded Alibaba in the 1990s, and is one of China's richest and most influential business magnates.
- Alibaba founder Jack Ma returns to China as govt tries to allay private sector fearsAlibaba founder Jack Ma has returned to China after more than a year abroad. The visit signals a softening of the government's tone towards the private sector as it seeks to boost the country's battered economy. China's new premier, Li Qiang, is said to have made efforts to persuade Ma to return, recognising the move could help boost business confidence among entrepreneurs. Alibaba shares rose by more than 4% following Ma's return. Asia analyst Fraser Howie said his return signals a relaxation, but added: "none of the laws and institutions set up to control the private sector have changed".
- Alibaba beats quarterly revenue estimates as Covid-19 curbs easeRevenue rose 2% to 247.76 billion yuan ($35.92 billion) for its fiscal third quarter to December 31, compared with a Refinitiv consensus estimate of 245.18 billion yuan drawn from 23 analysts.
- Jack Ma spotted in Australia in a nod to Alibaba’s global rootsThe entrepreneur was spotted at a hotel in Melbourne in recent days and was later confirmed to be spending time in the country, China’s Yicai media outlet cited anonymous sources as saying.
- Chinese Internet firms log first revenue decline amid regulatory crackdownAccording to the South China Morning POst, the combined revenue of Chinese Internet firms decreased 1.1% to 1.46 trillion yuan ($217 billion) last year, marking a sharp contrast to double digit growth in the previous six years.
- Fidelity cuts Ant Group valuation by another 9% to $64 billionAnt has been overhauling its business to comply with government demands, while awaiting a green light to apply for a financial holding company license that would ensure it can continue its fintech operations.
- Climate Change: Bill Gates to invest in startup that aims to reduce methane emissions from cow burpsRumin8, an Australian startup, is developing a dietary supplement that inhibits methane production by using red seaweed as a source of synthetic material.
- Shares of Ant-linked firms rise after news of Jack Ma ceding control; Alibaba jumpsWhile some analysts have said a relinquishing of control could clear the way for the company to revive its initial public offering (IPO), the controller changes announced on Saturday, however, are likely to result in a further delay due to listing regulations.
- Ant Group says no plan for IPO, focusing on business optimisationAnt Group said on Saturday that its founder Jack Ma no longer controls the company after a series of shareholding adjustments that saw him give up most of his voting rights.
- Jack Ma to give up control of Chinese fintech company Ant GroupChina's Ant Group said on Saturday that its founder Jack Ma no longer controls the Chinese fintech giant after a series of shareholding adjustments that saw him give up most of his voting rights.
- Jack Ma’s Ant Group wins approval for $1.5 billion capital planThe China Banking and Insurance Regulatory Commission division in Chongqing green-lit the company’s plan to lift its capital to 18.5 billion yuan, according to a notice on December 30.
- Alibaba Founder Jack Ma resurfaces, cites 'difficult' year to rural teachersAlibaba Group Founder Jack Ma, who has gone into hiding after regulatory crackdown in China amid the massive Covid surge in the country, resurfaced in a short video on the New Year, citing 'difficult' and 'extraordinary' year to the rural teachers in the country.
- Chinese billionaire Jack Ma living in Tokyo after China's crackdown against firms: ReportMa's months-long stay in Japan with his family has included stints in hot springs and ski resorts in the countryside outside Tokyo and regular trips to the US and Israel, the Financial Times reported, quoting people with direct knowledge of his whereabouts.
- Gautam Adani is first Asian to become world’s third-richest personAdani, 60, has spent the past few years expanding his coal-to-ports conglomerate, venturing into everything from data centers to cement, media and alumina. The group now owns India’s largest private-sector port and airport operator, city-gas distributor and coal miner.
- Alibaba lays off nearly 10,000 employees amid poor salesAccording to South China Morning Post, more than 9,241 employees left Hangzhou-based Alibaba during the June quarter, as the company trimmed its overall headcount to 245,700.
- Alibaba shares sink amid Ant shake-up, earnings risksMa's as-yet-unannounced plans to give up control of Ant Group are part of a strategy to appease Chinese regulators and revive Ant's initial public offering, The Wall Street Journal reported on Thursday.
- Jack Ma to give up control of Ant; Tata Neu CTO quits four months after launchThe news comes two years after Ma delivered a notorious speech that prompted furious regulators to halt Ant’s $34 billion IPO and demand that it split from Alibaba.
- Jack Ma to give up control of Ant Group: reportMa might transfer his voting power to other Ant officials, including CEO Eric Jing, after which they would collectively control the company.
- Wealth emigration is bad news for India's $5 trillion dreamOverall, 1,63,370 Indians gave up their citizenship in 2021. While this has been attributed to a backlog built up during the Covid-led slowdown, several of those seeking another abode include those who have built vast fortunes in India. On the face of it, India's top earners should have little reason to forgo their comfortable existence here.
- Ant, Alibaba plan for less intertwined future after China crackdownIn moves that would have been inconceivable two years ago, the affiliates have started to restrict access to each other's services, compete for clients and even strike alliances with rivals
- China's central bank accepts Ant's application for financial holding companyThe People's Bank of China's (PBOC) expected approval of the plan is the latest sign that Ant, a tech giant with financial businesses stretching from payments to wealth management, is poised to emerge from a regulatory crackdown.
- Beijing gives initial nod to revive Ant IPO after crackdown coolsAnt, an affiliate of Chinese e-commerce behemoth Alibaba Group Holding Ltd, aims to file a preliminary prospectus for the share offering in Shanghai and Hong Kong as early as next month, the sources said, declining to be named due to the sensitivity of the matter.
- Ant Group says no plan to initiate IPO"Under the guidance of regulators, we are focused on steadily moving forward with our rectification work and do not have any plan to initiate an IPO," Jack Ma's Ant Group said in a brief statement.
- China's Ant Group launches digital bank ANEXT in SingaporeThe move marks one of Ant's biggest overseas pushes since its $37 billion initial public offering (IPO) was derailed by Chinese regulators in late 2020.
- Alibaba beats revenue estimates on demand for niche China shopping servicesAlibaba's revenues rose 9% to $30.35 billion in the quarter.
- Tencent chief causes stir with repost of article on China's economyThe article, which Pony Ma reposted early on Saturday, lamented that there were few people in China willing to speak up about the pressures facing the country's economy and businesses.
- Alibaba tanks after CCTV reports China curbs on person named MaAlibaba’s shares recouped much of their losses after Hangzhou police posted a statement very similar to CCTV’s report later on Tuesday, but with a slight change that suggested the accused person’s name covered three characters. Alibaba co-founder Jack Ma’s Chinese name is the two-character Ma Yun.
- China's anti-corruption watchdog involved in probe of Jack Ma's AntThe Central Commission for Discipline Inspection (CCDI) was seeking to understand the influence of Ma's fintech empire and the extent of its transactions with state banks and enterprises.
- Alibaba raises share buyback to $25 billion from $15 billionAlibaba said it had already re-purchased about $9.2 billion of its US-listed shares as of March 18 under its programme, which was initially slated to last until the end of this year.
- China weighs Tencent payments overhaul, new license requirementThe potential move would present a fresh hurdle for Tencent, which along with other internet firms was told in 2021 to cordon off financial services from its main business.
- Ashneer Grover seeks indemnity; MediBuddy bags $125 millionAshneer Grover, the embattled cofounder and managing director of BharatPe, who is in discussions with the firm, has sought protection from any future action against as part of his settlement.
- China asks banks, firms to report exposure to Jack Ma's Ant GroupInstitutions were asked by many regulators, including the China Banking and Insurance Regulatory Commission, to closely examine all exposure they had to the Jack Ma-controlled fintech group, its subsidiaries and even its shareholders up to January
- China’s tech moguls see $80 billion of wealth evaporate in 2021The country’s 10 richest tech tycoons lost $80 billion in combined net worth in 2021, according to the Bloomberg Billionaires Index, amid widescale crackdowns by Chinese regulators.
- Alibaba appoints new CFO, reshuffles e-commerce businessesChina's largest e-commerce group Alibaba is appointing a new chief financial officer and reorganizing its e-commerce businesses amid a regulatory crackdown in the technology industry.
- Investor Warburg cuts Ant valuation by 15% to below $200 billionWarburg's cutting of Ant's worth comes after some other global investors have already slashed their valuations and shows scepticism about its prospects is rising as the payments-to-loans behemoth remodels itself under regulatory pressure.
- Why did Paytm bomb, when Nykaa didn’t? The proof is in the pie(s)India’s largest IPO thus far has tanked despite the best efforts of the management, its heavyweight bankers and even some of the blue blooded institutional investors Blackrock, the world’s largest asset manager, CPPIB or the sovereign wealth funds of Abu Dhabi and Singapore who lent their support as anchor investors.
- Alibaba takes in $84.54 billion in orders in toned-down Singles DayThe results come as overall consumption in China slows, and cap a relatively muted version of a sales festival that Alibaba once aggressively promoted. Before the sales period began, analysts had said they expected Alibaba to report only a minor increase in GMV this year, citing slowing retail sales, supply shortages, power disruptions and COVID-19 lockdowns.
- A chastened Alibaba tones down its Singles Day retail bonanzaThe shopping holiday, which Alibaba invented over a decade ago, is evolving for a chastened new era for China’s internet industry, one that emphasizes fairness and responsibility and publicly spurns growth-at-all-costs excess. Past Singles Days were opportunities for Alibaba to showcase its latest innovations in getting people to spend more heedlessly. The big themes this year: green logistics, eco-friendly products and consuming “with care.”
- Ultra-rich look to find zen at sea, go superyacht shopping to drive away pandemic bluesLast month, Chinese billionaire Jack Ma was spotted in Spain on a rare cruise trip.
- Jack Ma, Trump and Xi: How Chinese billionaire flew close to the sunIn a sign of how life has changed for one of China's most successful and influential businessmen, Ma requested an audience with at least two people in Xi's inner circle in the weeks following the blocking of Ant's listing, but his requests were turned down by both, said two separate sources briefed by those people.
- Jack Ma, Trump and Xi: How Chinese billionaire flew close to the sunChina's authorities cracked down on Ma's business empire after he gave a speech in Shanghai in October last year accusing financial watchdogs of stifling innovation.
- Jack Ma, Trump and Xi: How Chinese billionaire flew close to the sunNow, to the cautious cheer of investors, the billionaire Alibaba ecommerce tycoon is taking his first tentative steps back onto the global stage with a low-key trip to Europe where he's cultivating like horticulture.
- Ant Group-backed Paytm revises IPO target to $2.44 billionThe IPO, likely to be the biggest in India's corporate history, is set to open for subscription from Nov. 8 to Nov. 10.
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