(BFM Bourse) – The title of the Chinese e-commerce giant took off by nearly 7% this Wednesday in Hong Kong thanks to… the reappearance of its founder, the billionaire Jack Ma, who had disappeared from the radar several months later. criticism of the Chinese regulator.
Forget the fundamentals, the title Alibaba jumped today thanks to the possible reappearance of its boss Jack Ma, who has been missing (or almost) for many months after daring to issue public criticism of the Chinese regulator. Galvanized by press reports on a stay abroad of the billionaire and founder of the group, the title of the Chinese e-commerce giant soared 6.7% on the Hong Kong Stock Exchange in the morning, and closed the session. at a peak since mid-August.
As a reminder, the Chinese authorities had notably put a stop to a gigantic IPO of Ant Group in Hong Kong and its parent company Alibaba was subsequently fined 2.3 billion euros. for abuse of a dominant position. Since then, Jack Ma has hardly been seen in public. According to the Hong Kong daily South China Morning Post (SCMP), owned by Alibaba, Jack Ma is currently in Europe for a series of business meetings.
The billionaire would be in Spain on Wednesday after spending time with his family in Hong Kong, says the SCMP, which does not specify its sources. Information confirmed at FinancialTimes by two sources familiar with his travel plans. It would be his first trip abroad since the setbacks of his group last year. As part of investigations, China sometimes prevents certain people from leaving the territory. The announcement of this stay abroad therefore suggests that Jack Ma, who left the management of his group in 2019, is not the subject of legal proceedings, which has significantly reassured the markets.
Since the setbacks of Alibaba, the Chinese authorities have been particularly intransigent against the digital giants. Several behemoths in the sector (from Tencent to Didi) have thus been singled out in recent months for practices hitherto tolerated and widespread, particularly in terms of personal data, competition and user rights.
The Chinese stock market still at half mast since January
Beijing has since extended its “rectification” campaign to other sectors, including very lucrative private tutoring, meal delivery and entertainment – including calling video games “mental opium”.
These measures have largely penalized the Hong Kong Stock Exchange which had closed on October 6 at its lowest level for five years. The place has since recovered and gained more than 10%, but the Hang Seng index still shows a 4% drop since January 1, against the global indices. “The tech sector was the first to suffer” the wrath of Beijing, notes analyst Jackson Wong of asset manager Amber Hill Capital. But it now seems “increasingly clear that the worst is over” for the digital giants, he also believes.
QS – ©2022 BFM Bourse