Alibaba Group (BABA) stock closed up as the share price rose5.50% to $265.49 after the news surfaced that the Company’s Chief Jack Ma has emerged for the first time since Chinese regulators smashed into his corporate empire. His absence hypothesized about his location amid a rising official audit of his companies.
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Alibaba (BABA) Operations
Alibaba Group Holding Limited is a Chinese company that provides online and mobile commerce services in China and internationally through its subsidiaries. The company’s segments include core commerce, cloud computing, digital media and entertainment, and innovation initiatives, and others.
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Latest News minutiae
According to local government media, the entrepreneur met 100 rural educators in China via a video conference on Wednesday. Tianmu News, supported by the government of Zhejiang Province, claimed initially that Mr. Ma talked to teachers as part of an effort of his charity foundations.
The annual event normally takes place in the resort town of Sanya but this year has been online due to the Covid-19 regulations. Due to the epidemic, we can’t meet in Sanya. After the epidemic has passed, we must make up everyone’s trip to Sanya, then we will meet again,” Mr. MA said in the speech.
During the video, he spoke to the camera directly in a room with gray marble walls and striped carpet. He wore a blue pullover. There was no indication from the video or Tianmu News article where he was speaking from.
So, what happened in the recent Scrutiny affair?
The central bank of China summoned Ant Group’s executives last month to order the company’s operations to be reorganized. The Ant Group, China’s largest payments provider, was founded by Mr. Ma, a key shareholder in the company.
Ant Group had already been delisted from the Shanghai and Hong Kong exchanges before regulators ordered the shakeup. With a market value expected at $37bn, the offer was the largest of 2020.
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Various Chinese government agencies announced investigations of Alibaba for monopolistic practices. Early this month, concerns were raised about Mr. Ma’s whereabouts after he failed to appear on a television show in which he was a judge.