Jack Ma returns to Alibaba

It seems that Ma Yun, better known in the world as Jack Ma, the founder of Alibaba, has returned to active participation in the company's life. According to insiders, his influence on the group is now the strongest in the last five years. Amid these reports, on 17 September, Alibaba's shares on the Hong Kong Stock Exchange rose by 5.28% to HKD 161.6, the highest level in four years. The company's market capitalisation again exceeded HKD 300 billion.

Alibaba representatives have not yet made an official comment on Ma Yun's return, although he has made several visits to the company's campus this year.

Context.

Jack Ma founded Alibaba Group in 1999. In 2002, the company began to make a profit and created a number of related companies - Alipay, Aliexpress, Tmall, Taobao and others. As the company grew in popularity, the Chinese government became increasingly interested in the company. In 2011, Ma had to sell part of Alipay below cost to a Chinese state-owned company to comply with Chinese law. Over time, the pressure only increased, and at an economic forum, Jack Ma criticised the Chinese government for being overly regulated and backward from the realities of the modern world.

In 2018, Jack Ma announced that he was stepping down from the Alibaba Group. He rejected speculation that the decision was due to government pressure and said he was tired and wanted to focus on philanthropy. In 2020, he resigned from all management positions in the group. From 2020 to January 2021, he disappeared from the media space, and the media began to worry that the Chinese intelligence services could repress the disloyal entrepreneur. In 2022, Ma moved to Tokyo. In 2023, the ownership was restructured, after which Ma's share was reduced to 6%. The group of companies did not replace Jack with another influential owner, but rather blurred ownership and responsibilities among a wide range of people. The Chinese government responded positively to the new ownership system, as there was no longer a person who would concentrate too much power in his hands to exercise independence in decision-making.

On 17 February 2025, Jack Ma was unexpectedly invited to Xi Jinping's meeting with the largest representatives of Chinese industry.

Ma's photo was published in the state-run Xinhua news agency, and his name appeared in the media, sparking a lively discussion in the tech community about rehabilitation after the disgrace.

It is likely that Xi decided to bring back the successful businessman amid tense relations with the United States. The situation within Alibaba Group itself has also deteriorated during this time, with competitors and new players (such as Temu, JD.com, and Meituan) actively squeezing it in many areas. However, there has been no official rehabilitation so far, and this issue is likely to be finalised.