Jack Ma's run-in with Beijing not only saw him disappearing for over 2 years, it also cost his companies over $850 billion
Jack Ma's empire came under regulatory scrutiny following his criticism of Beijing in late 2020.Jack Ma's Alibaba and Ant Group collectively lost $850 billion in value since their peak in 2020.On Friday, Beijing announced a $985 million fine for Ant Group, signaling an end to the crackdown.
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Alibaba shares rise 5.5% amid hopes Ant regulatory crackdown is endingHong Kong shares of Alibaba Group opened 5.5% higher on Monday after China fined its affiliate, Ant Group, $984 million for violating laws and regulations, fuelling hopes that a years-long regulatory crackdown on the fintech has ended.
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Alibaba shares rise after Chinese regulators fine Ant Group, ending regulatory uncertaintyAlibaba's Hong Kong-listed shares rose 4% in Monday morning trade amid hopes of the years-long scrutiny of its financial arm Ant Group coming to an end.
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Alibaba, Tencent shares rise as investors bet China's tech crackdown is overAlibaba Group and Tencent shares rose in Hong Kong on Monday after China's $984 million fine against the Jack Ma-founded Ant Group appeared to signal the end of a regulatory crackdown on the country's technology sector.
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What people are saying about Ant Group's $984 mln fine and share buybackChina's Ant Group has announced a surprise share buyback that values the fintech giant at $78.5 billion, well below the $315 billion touted in an abandoned IPO in 2020, in a move that may let some investors exit.
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