It’s been more than two months that the founder of Alibaba Group Jack Ma has not made a public appearance. People were doubtful about his whereabouts since the time Jack Ma failed to show up as a judge in the final episode of his own talent show, Africa’s Business Heroes, where he was replaced by an Alibaba Executive. Ma’s hectic schedule was cited as a reason for his absence by an Alibaba spokesperson.
The 56-year-old billionaire hasn’t made a public appearance since the time he delivered a controversial speech in Shanghai on 24th October in which he complained about how China’s regulators and state-run banks are hampering opportunities.
“Today’s financial system is the legacy of the Industrial Age,” Ma said in the speech. “We must set up a new one for the next generation and young people. We must reform the current system,” he said.
Chinese authorities are already tightening a grip over his business empire, including the Ant Group whose $37 billion IPO was suspended after receiving the green light from Chinese Securities watchdog, with the Shanghai Stock Exchange saying that the Ant Group had reported significant issues such as the changes in financial technology regulatory environment.
US veteran investor Mark Mobius said that the move was designed so as to curtail financial institutions from getting too big.
In the past, there have been a few such incidents where Chinese billionaires have suddenly disappeared especially during China’s infamous anti-corruption drive between 2016 and 2017.
