Alibaba founder and Chinese billionaire Jack Ma returned to Alibaba’s headquarters for the first time since March 2023 according to a report by the South China Morning Post on Friday, November 29th.
Ma visited the company’s headquarters in Hangzhou, the capital of eastern Zhejiang province, expressing his support for Alibaba, as revealed by Alibaba employees.
After ending his overseas travels in March 2023, Ma had returned to Hangzhou and visited the Yun Valley School he founded.
Ma stepped down as Alibaba’s executive chairman in 2019 and has maintained a low profile since 2020. Nevertheless, he is still widely seen as the spiritual leader of Alibaba and a symbol of Chinese entrepreneurial spirit.
Ma’s low-key visit to Alibaba headquarters coincides with the Chinese government’s efforts to boost confidence in the private sector, facing challenges such as the continued slump in the real estate market and sluggish economic recovery.
In a photo shared with the South China Morning Post from an employee on-site, Ma, wearing a white cap, was seen smiling and casually waving to employees.
Alibaba did not immediately respond to media requests for comments on Friday.
Just a week before Ma’s appearance, Alibaba announced its largest internal restructuring since the early 2023 implementation, dividing its vast business empire into six divisions.
A speech Ma delivered in 2020 criticizing China’s regulatory system was widely seen as the trigger for Beijing’s increased scrutiny of Alibaba, ultimately leading Ma to withdraw from public activities. At the end of 2021, he left mainland China and was seen in Japan, Spain, Australia, and Thailand.
In February 2023, star banker in the tech industry, Fang Bao, suddenly disappeared, reportedly related to an investigation by the Chinese government. Fang’s disappearance reignited concerns among China’s business elites, suggesting that the suppression of the private sector by the Chinese authorities may not have ended yet.