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Business

Jack Ma is ‘lying low’ focusing on hobbies and philanthropy

Alibaba Group Holding founder Jack Ma is “lying low” and focusing on hobbies and philanthropy. Following Ma’s criticism of China’s regulatory system last year, Beijing came down heavily on the company, leading to the shelving of financial affiliate Ant Group’s $37 billion initial public offering and an enforced restructuring of Ant. Ma, China’s best-known entrepreneur, […]

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Business World

Ant Group: Chinese regulators force Jack Ma to restructure company

China has forced the Ant Group to restructure so the financial technology firm acts more like a bank. The company’s $37 billion share market launch was derailed by regulators in November over concerns about its finance model. The latest move is part of a wider crackdown by China to reign in the country’s fast-growing tech […]

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Business World

China fines Jack Ma’s Alibaba $2.75 billion for abusing it’s dominant position

Chinese regulators have fined Alibaba Group Holding Ltd 18 billion yuan (approximately $2.75 billion) for violating anti-monopoly rules and abusing its dominant market position, marking the highest ever antitrust fine to be imposed in the country. The penalty, equivalent to around 4% of Alibaba’s revenues in 2019, comes amid an unprecedented regulatory crackdown on the […]

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World

Jack Ma spotted playing golf after disappearing for months

Chinese business magnat, Jack Ma, who avoided public eye has resurfaced after months. The former Alibaba boss was spotted playing a game of golf at the expansive greens of the Sun Valley Golf Resort in Hainan. The expensive five-star resort is located on the picturesque Hainan Island, south of the Qiongzhou Strait separating it from […]

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Business World

‘He may be asked to lay low’: Jack Ma’s absence from public view fuels speculation

Alibaba founder Jack Ma’s absence from public view for two months has fueled speculation on social media over his whereabouts amid a Chinese regulatory clampdown on his sprawling business empire. China’s highest-profile entrepreneur has not appeared in a public setting since a late October forum in Shanghai where he blasted China’s regulatory system in a […]

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World

Chinese government initiates antitrust investigation into Jack Ma’s Alibaba Group

The Chinese government initiated an antitrust investigation into Jack Ma’s e-commerce and fintech empire – the Alibaba Group. The probe is part of an accelerating crackdown on anticompetitive behaviour in China’s booming internet space, and the latest setback for Ma, the 56-year-old former school teacher who founded Alibaba and became China’s most famous entrepreneur. It […]

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Business World

Alibaba, JD amass over $115 billion of sales in the world’s biggest shopping event ‘DOUBLE 11’

China’s Singles Day or double 11, an unofficial holiday on Wednesday, 11 November raked up tens of billions of dollars for e-commerce and retail companies in China. Alibaba said on Thursday that the annual sales frenzy broke records once again after it collected roughly US$ 75 billion (or 498.2 billion yuan). The total includes an […]

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Business

Jack Ma resigns from SoftBank board

SoftBank Group Corp said on Monday that Alibaba co-founder Jack Ma will resign from its board, in the latest departure by a high-profile ally of CEO Masayoshi Son. The departure of Ma, who retired as Alibaba’s executive chairman in September, comes as he pulls back from formal business roles to focus on philanthropy. SoftBank will […]

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World

Jack Ma’s first shipment of surgical masks and coronavirus test kits reaches US

Alibaba co-founder Jack Ma has sent the first shipment of surgical masks and coronavirus test kits to the US. The Chinese billionaire tweeted two pictures of the pallets of goods being loaded on to a plane in Shanghai. Earlier this month he said he would give 500,000 testing kits and one million masks to America. […]