HK Movers | Alibaba Jumps 3%, Market Cap Back Above HK$3 Trillion. Jack Ma Reportedly Returns to Alibaba

Tiger Newspress09-17

Alibaba shares jump 3% in Hong Kong, market cap back above HK$3 trillion.

Jack Ma, who faded from the public eye at the end of 2020 due to an antitrust investigation, has now returned to Alibaba, according to foreign media reports.

His involvement is the most direct in five years, particularly concerning the group's AI development and competition strategies against e-commerce rivals JD.com and Meituan.

Alibaba had previously pumped RMB50 billion in subsidies to counter JD.com, with Ma playing a crucial role in these decisions, sources divulged.

Ma reportedly messaged a senior executive three times in one day requesting updates on AI development progress.

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