Alibaba Gives Up Gains Spurred by Jack Ma’s Return to China
- Gained as much as 5.5% but ended Monday with shares down
- Ma visited a school he helped found in his hometown Hangzhou
The Alibaba Group Holding Ltd. headquarters in Hangzhou, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Alibaba Group Holding Ltd. surged as much as 5.5% before relinquishing all gains in Hong Kong, after news emerged that billionaire co-founder Jack Ma had returned to his home country after more than a year abroad.
The co-founder of Alibaba and fintech affiliate Ant Group Co. visited a school he founded in his hometown of Hangzhou, according to an official WeChat post by the institution. Ma met with teachers and students at a private school he helped establish in 2017, discussing issues from education to ChatGPT AI technology, the South China Morning Post reported earlier. Alibaba’s shares ended Monday largely unchanged.