Jack Ma news and archive

Profile: Jack Ma's career up to ceding control of Ant Group

Jack Ma, the unconventional billionaire founder of tech giant Alibaba and the totem of China's entrepreneurial brilliance, has stepped out of the limelight since a Communist Party crackdown that chopped back his empire. The most recognisable face in Asian business, Ma has seen his fortune fall by around half to an estimated 25 billion dollars...

Business

Alibaba co-founder to relinquish control of Ant Group

Jack Ma, co-founder of Chinese e-commerce giant Alibaba, is to give up control of of Ant Group, after a government crackdown on powerful companies and individuals. For the past two years there has been much talk of Mr Ma divesting his stake, with the Ant Group valued last year between 75 and 150 billion dollars before its IPO was halted. Ant...

Business

Alibaba shares soar after Jack Ma reported on European trip

Alibaba shares surged more than six percent on Wednesday after billionaire founder Jack Ma was reported to be in Europe, fuelling investor hopes that the worst of China's regulatory crackdown for the internet giant might be over. Ma has kept a low profile ever since mainland officials spiked what would have been a world record 37 billion dollars...

BusinessFeatured

China hits Alibaba with record 2.78 billion dollars for market abuses

Shanghai - Chinese regulators hit e-commerce giant Alibaba with a record 18.2 billion yuan (2.78 billion dollars) fine on Saturday over practices deemed to be an abuse of the company’s dominant market position. The State Administration for Market Regulation said it assessed the fine after concluding an investigation into Alibaba that began in...

Fashion

Nigeria receives Covid-19 test kits from Alibaba founder Jack Ma

Nigeria on Wednesday received test kits and protective gear from China's richest man, Jack Ma, to help fight coronavirus, which has so far claimed one life and infected 45 others in Africa's most populous nation. Nigeria's top health official, Abdulaziz Abdullahi, told AFP that the country had received 100,000 face masks, 1,000 protective gowns...

People

Alibaba founder Jack Ma offers to donate coronavirus test kits to the US

Chinese billionaire businessman Jack Ma on Friday offered the United States 500,000 coronavirus test kits and a million masks, as the country faces a shortage of kits for diagnosing the potentially deadly disease. In a statement on Twitter, the founder of e-commerce giant Alibaba said, "drawing from my own country's experience, speedy and...

Business

Things to know about e-commerce giant Alibaba

Formed in the Hangzhou flat of co-founder Jack Ma in 1999, Alibaba has ridden the seemingly insatiable Chinese appetite for online shopping to become one of the world's most valuable companies. On Friday, the US-listed company confirmed plans to add its value further, but listing additional shares in Hong Kong in an offering worth around 13...

People

Jack Ma bids adieu to Alibaba on his 55th birthday

Jack Ma steps down next week as chairman of Alibaba, but the start-up he built into an online retail behemoth is expected to keep thriving into a new era thanks to a culture of innovation he helped nurture. A former English teacher whose often playful image shattered the stereotype of the drab Chinese executive, Ma officially leaves on Tuesday,...

Business

Alibaba spends 2 billion USD on e-commerce platform NetEase

Alibaba Group has bought the e-commerce platform of NetEase for about 2 billion dollars and will participate in a 700 million dollars investment in NetEase's music streaming service, the two Chinese firms said on Friday. The move will see e-commerce titan Alibaba take control of Kaola, one of China's top online shopping platforms for foreign...

Business

Tech giants Ma and Musk clash on future of AI

Jack Ma believes artificial intelligence poses no threat to humanity, but Elon Musk called that "famous last words" as the billionaire tech tycoons faced off Thursday in an occasionally animated debate on futurism in Shanghai. The Chinese co-founder of Alibaba and the maverick industrialist behind Tesla and SpaceX frequently pulled pained...