Alibaba shares jump after Jack Ma's first appearance in three months surfaces online

On January 20, Alibaba's stock market value jumped providing Chinese firm $58 billion relief after a live-streamed video of entrepreneur Jack Ma resurfaced online. billionaire business mogul me his first public appearance in nearly three months when Hong-Kong listed stocks were soaring. Alibaba’s CEO was seen speaking to rural school teachers in videos aired by state-run Chinese media outlets. Ma, a hardcore critic of Chinese regulators and communist regime, h gone missing since October 24 after attracting flak for speaking about financial freedom to Chinese businesses. This led to suspension of Alibaba's financial affiliate Ant Group’s $37 billion initial public offerings. 

According to Bloomberg’s analysis, after Ma appeared in a video, talking to teachers, Hong Kong-listed stock prices of Alibaba surged by 8.5 per cent. Alibaba's market cap jumped by $58 billion, 5.5 per cent, closing at 265.49 on New York Stock Exchange. Some firms impacted were China’s JD.com (JD), Tencent Holdings (TCEHY), Pinduoduo (PDD), and Baidu (BIDU). JD.com leaped 4.6 per cent to 95.31, ar firm Baidu climbed only 4.2 per cent to 260.90. Shares of Tencent Holdings Ltd climbed to 2.5% to 88.07 and Pinduoduo’s up to 1.3 per cent to 170.96. Meanwhile, Hang Seng Index in Hong Kong trended highest ever since April 2019, and Shanghai Stock Exchange Composite Index reached its highest level in three years. China’s Ministry of Commerce reported online retail sales value of goods jumped 14.8 per cent to $1.5 trillion. 

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Ma was 'laying low’

Earlier, last week, Chairman of personal fairness ncy Primavera Group, said that Alibaba founder Jack Ma, who h disappeared along with four or Chinese billionaires was ‘safe and sound’. business tycoon went missing after he me disparaging statements against Communist-ruled China’s government and was reported off rar with speculations of unlawful arbitrary arrest by Chinese government. Ma’s remarks h preliminary public providing IPO of Ant Group terminated on vember 3 and he was summoned by PRC’s communist party members over Alibaba Group Holding Ltd.’s CEO’s critical statements against Chinese authorities. ‘He is laying low’, Bloomberg reported Fred Hu as saying, Ma h visited Alibaba executives in early 2019 once. 

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