Jack Ma, the founder of Alibaba Group (BABA:NYE), has returned to China after more than a year of travel abroad. Ma visited a school he created in Hangzhou, the location of the headquarters of both Alibaba and Ant Group. During his visit to Yungu School, he met with teachers and kids to discuss a variety of topics, including the ChatGPT technology.
Ma’s return to China coincides with the nation’s efforts to revitalize its economy and gain the confidence of corporate leaders. Ma’s criticism of China’s financial authorities and banks in a speech he delivered in October 2020 prior to Ant Financial’s IPO prompted President Xi Jinping to cancel the offering and launch a crackdown on China’s major internet businesses. Since that time, Ma has maintained a low profile and spends most of his time outside of China.
Ant Group stated earlier this year that Ma will transfer control of the company and cut his voting rights to 6.2%, which might facilitate the company’s IPO in Hong Kong or Shanghai.
After confronting rigorous COVID-19 limitations, China is presently seeking to increase business and rebuild the confidence of business owners. Yet, the recent disappearance of Bao Fan, the founder of China Renaissance and a leading tech transaction banker, has sparked suspicions regarding the government’s intentions.
Alibaba Stock Price Prediction:
Wall Street remained positive on Alibaba stock price prediction despite Ma’s absence and the regulatory pressure. The company has a consensus rating of Strong Buy with an average price target of $136.11 indicating an upside potential of 68.3%.
Company Profile:
Alibaba Group Holding Limited, through its subsidiaries, provides technology infrastructure and marketing reach to help merchants, brands, retailers, and other businesses to engage with their users and customers in the People’s Republic of China and internationally.
The company operates through seven segments: China Commerce, International Commerce, Local Consumer Services, Cainiao, Cloud, Digital Media and Entertainment, and Innovation Initiatives and Others. The company was incorporated in 1999 and is based in Hangzhou, the People’s Republic of China.
