You are using an older browser version. Please use a supported version for the best MSN experience.

Alibaba jumps 5% after billionaire Jack Ma appeared in a 50-second videoclip after weeks of laying low

Business Insider logo Business Insider 1/20/2021 snagarajan@businessinsider.com (Shalini Nagarajan)
Jack Ma posing for the camera: @globaltimesnews/Twitter © @globaltimesnews/Twitter @globaltimesnews/Twitter
  • Alibaba rose 5% after Jack Ma resurfaced in a videoconference on Wednesday after weeks of laying low.
  • The billionaire founder could be seen addressing 100 rural teachers across China.
  • Ma seemed to embrace themes promoted by the ruling Communist Party, according to Bloomberg.
  • Sign up here our daily newsletter, 10 Things Before the Opening Bell.

Alibaba shares jumped 5% at market open as founder Jack Ma resurfaced in a 50-second video clip on Wednesday after he was suspected missing for weeks.

Ma's live-streamed video sent Alibaba's Hong Kong shares up by as much as 8.5%. In the video, he can be seen addressing 100 rural teachers as part of a ceremony that recognizes exceptional educators in impoverished areas.

"Recently, my colleagues and I have been studying and thinking. We made a firmer resolution to devote ourselves to education philanthropy," Ma said in the clip, according to Bloomberg. "Working hard for rural revitalization and common prosperity is the responsibility for our generation of businessmen."

The billionaire, who is a former English teacher, seemed to embrace themes promoted by China's Communist Party, Bloomberg said. He spoke about shrinking income disparities through a return of younger talent to rural areas.  

Read more: Goldman Sachs reveals the 8 'green energy majors' that are set to shoot up in value in a sector worth trillions of dollars as the renewables race heats up 

A spokesperson for the Jack Ma Foundation told Insider Ma had participated in the event on January 20 and confirmed the authenticity of the video clip.

Ma had seemingly disappeared from public view about two months ago after he publicly snubbed China's regulatory system, saying the nation's rules do not help foster innovation. He even criticized regulatory decisions to enforce a set of international banking rules as an "old man's club." 

Soon after, China enacted new rules that clamped down on online financial lending, directly impact the lending business of Ma's Ant Group. Regulators ordered Ant to overhaul its business and return to its origins as a payment service after officials accused the company of "turning a blind eye" to requirements

Read More: GOLDMAN SACHS: Buy these 25 stocks best-positioned to juice profits in 2021 as stimulus and vaccine progress spur economic growth

Read the original article on Business Insider
AdChoices
AdChoices
AdChoices

More From Business Insider

Business Insider
Business Insider
image beaconimage beaconimage beacon