Following Beijing’s crackdown on the tech industry, Chinese entrepreneur Jack Ma has been residing in Tokyo for almost six months, according to a Financial Times report published yesterday (November 29, 2022).
The co-founder of Alibaba Group Holding has made frequent journeys to the United States and Israel in addition to visits to the countryside during his time in Japan, according to Financial Times. Ma is a close friend of Alibaba investor and billionaire Masayoshi Son, who founded the Tokyo-based SoftBank Group.
Formerly the richest and most well-known tech figure in China, Ma withdrew from the public eye in recent years after getting into issue with Beijing over his criticism of government regulation, which halted the initial public offering (IPO) of fintech behemoth Ant Group.
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After that, China’s private sector came under intense scrutiny, with a focus on limiting the influence of internet companies. Since then, Jack Ma’s infrequent public appearances have drawn a lot of attention.
According to the Financial Times, Ma has restricted himself to a small number of exclusive clubs in Tokyo’s downtown Ginza and Marunouchi neighbourhoods. The report also noted that he has enthusiastically taken up collecting modern art and brought along his personal chef and security team.
In the early stages of the Covid-19 outbreak, Ma, who had previously been a well-known regular at business conventions, oversaw massive international donations of protective gear and other supplies that the world required.
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A report in July said that Ma intended to cede control of Ant Group in order to placate Chinese regulators and resurrect the IPO of the digital payments division.
For the first time ever, Alibaba reported flat sales growth in August as China struggled with a slowing economy and resurgent Covid-19 cases.
The behemoth firm has been placed on a watchlist by US regulators, and if Jack ma's e-commerce venture Alibaba does not abide by disclosure orders, its shares would plummet and it might be delisted from the New York Stock Exchange.
Read More: Alibaba appoints new CFO, reshuffles e-commerce businesses.