Next China: Jack’s Back

He’d all but vanished from the public eye after a speech criticizing China’s regulators back in 2020, but this week Alibaba’s billionaire founder Jack Ma was back in the limelight, showing up at a school in his hometown Hangzhou.

The sudden reappearance was the prelude to a major overhaul at Alibaba, essentially splitting it into six business units. The move promises to yield several initial public offerings, although CEO Daniel Zhang remained quiet when asked about a timeline. It looks like the $20 billion logistics arm Cainiao could be the first to list, according to people familiar with the matter. Alibaba’s shares have soared.