After a year overseas, Chinese magnate Jack Ma has returned to mainland China, reported Wall Street Journal.
Jack Ma, Alibaba Group Holding Ltd.'s billion co-founder, travels have drawn a great deal of attention as China attempts to win back the trust of entrepreneurs after years of regulatory restrictions and Covid-19 epidemic measures that severely damaged the nation's private enterprises.
Some also believe that the tech titan's prolonged absence in the business world was a proof that the tech industry in China was still plagued by uncertainty.
According to latest information, Ma recently made a trip back to China before visiting Singapore and Australia and spending the most recent Lunar New Year in Hong Kong
Earlier this month, China’s new premier spent a significant amount of time assuring entrepreneurs that Beijing supports the private sector and that its "commitment in this area is unequivocal and constant."
The South China Morning Post, which belongs to Alibaba, first announced Ma's return to China, reported Wall Street Journal.
Ma has maintained a low profile after Ant Group Co. cancelled initial public offerings in Hong Kong and Shanghai that were expected to raise more than USD 34 billion in November 2020.
The cancellations happened as a result of authorities' anger over Ma's remarks at a financial forum. Authorities then opened an investigation against Alibaba for allegedly engaging in anticompetitive activities on its e-commerce platform, and the company was ultimately slammed with a record-breaking USD 2.8 billion fine.
Soon after, China began a broad regulatory crackdown on other private companies, increasing regulations on everything from video games and education to real estate.
Ma relinquished leadership of Ant Group in January after the company's shareholders approved a restructuring of business.
Since 2020, Ma has mostly kept a low profile and away from public view after his speech that regulators on the eve of the cancelled Ant listing.
