Following Ma’s criticism of China’s regulatory system last year, Beijing heavily on , the shelving affiliate Ant Group’s $37 billion IPO and an enforced restructuring of Ant
Alibaba Group Holding founder Jack Ma is “lying low” and hobbies and philanthropy, the Chinese e-commerce giant’s executive vice-chairman and co-founder Joe Tsai told CNBC on Tuesday.
Following Ma’s criticism of China’s regulatory system last year, Beijing heavily on , the shelving affiliate Ant Group’s $37 billion (roughly Rs. 2,71,150 crores) initial public offering and an enforced restructuring of Ant.
Ma, China’s best-known entrepreneur, has been largely out of public view since.
“He’s lying low . I him ,” Tsai said on CNBC’s show.
Ma, who was known for his outspokenness and for pushing boundaries with audacious statements, stepped down from Alibaba in 2019 but continued to loom large eyes of investors.
“The Jack has this enormous amount of power, that’s right,” Tsai said. “He and me, he’s individual.”
Alibaba was also fined a record $2.8 billion (roughly Rs. 20,520 crores) in April for anti-competitive business practices, amid a wider regulatory crackdown on China’s booming “platform economy” based around technology frameworks.
“Our business is under some restructuring on the financial side of things, and also in antitrust regulation. We had to pay fine. But we’ve gotten that behind us, so we’re looking forward,” Tsai told CNBC.
Asked about human rights issues in China, Tsai said number country were happy that their lives are improving.