Alibaba Founder Jack Ma Returns to China

Jack Ma is discussing education and ChatGPT with teachers in a school he founded.

BEIJING, March 27 (TMTPOST) – Billionaire Jack Ma, the founder of China’s e-commerce giant Alibaba, came back to China and visited a school he founded in East China’s Hangzhou city on Monday after his overseas stay of over a year, sending Alibaba shares in Hong Kong jumping more than 4% during the intraday trading.

Ma’s public appearances have been scarce since his speech on China’s financial regulatory system at the Bund Financial Summit in Shanghai in October 2020, which caused a public uproar. Shortly after the speech, the central bank and four other regulatory bodies summoned the officials of Ant Group, which Ma controlled, and halted its highly anticipated IPO that was on the verge of being launched. After that, Ma left China in late 2021 and visited various countries, including Japan, Thailand, and Australia.

Being the founder of Alibaba and once China’s wealthiest individual, Ma’s every action is under close scrutiny. In the past two years, his absence from public sight has triggered speculations about his safety issues and work priorities. Previously, he reportedly visited several European countries to inspect agricultural technology projects and communicate with politicians and entrepreneurs. Reports on his return to China on Monday caused a rise of over 4% in Alibaba’s shares in Hong Kong to a peak of HK$89.95 during intraday trading.

After his return, Ma visited Yungu School, a private school founded by Alibaba’s founders in 2017, and met teachers there to discuss the future of education and ChatGPT technology, according to an article posted on the website of the school.

According to Ma, ChatGPT technology has posed challenges to education. “However, the technology heralded the beginning of the AI era, and we must harness the power of artificial intelligence to solve our problems, rather than allowing it to control us,” said Ma. While machines possess physical and mental strength superior to human beings, they lack the “heart” of humans, he added.

Ma noted that the previous knowledge-driven industrial era has given way to the wisdom-driven digital era, which is characterized by the competition relating to creativity, imagination, leadership, commitment, responsibility, and independent thinking. In this context, it is crucial to cultivate these skills in individuals to prepare them for the challenges of the future.

Ma’s return to mainland China coincides with the uncertain future of Ant Group. The billionaire gave up his control over the company in January. It is speculated that one of the reasons for his return to China is to participate in Ant Group’s rectification work after the recent major adjustment to its ownership structure. Prior to the adjustment, Ma had held a controlling stake of 53.46%. Meanwhile, Ant Group has secured state-owned capital for Chongqing Ant Consumer Finance Company. Some analysts also suggest that Ma’s return indicates his confidence in and hope for the Chinese market, and his willingness to collaborate with regulators to address issues. The return also sends a positive signal to Alibaba and Ant Group, boosting market sentiment and investor confidence.

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