Jack Ma, the billionaire founder of Alibaba returns to China and revolutionizes the company
Jack Ma returns to China after more than a year. The founding genius of Ali Baba, the Asian e-commerce giant, visited the school he founded in the city of Hangzhou (where his company’s headquarters are located) and met teachers and students. It’s about the Yungu Schoola private school covering kindergarten through high school, funded by the founders of Ali Baba in 2017. The institute itself gave the news of the visit.
But what does the billionaire’s reappearance mean for the Chinese government? The return home of the founder of Ali Baba comes as Beijing tries to restore confidence in the business class after years of regulatory crackdown on the tech sector and restrictions imposed by the policy of tolerance zero Covid. The government hopes that Ma can help instill confidence in entrepreneurs.
Alibaba, maxi-restructuring: split into six different autonomous units
And with the return of Jack Ma in China, Ali Baba announces the most important renovation in its history. The assets, which are estimated to total $220 billion, will be divided into six major business units, each of which will consider either external fundraising or “when the time is right” initial public offerings.
The reasons for the decision should be identified in the intention to “unlock shareholder value and promote market competitiveness”, commented the Hangzhou-based company in a note, flying among other things at the opening of the Hong Kong Stock Exchange: after 14.26% earned at Nysethe shares of the e-commerce giant also replicated their performance on the former British colony’s list, posting a jump of 13.53% to 95.65 Hk dollars in the initial stages.
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