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Alibaba shares soar after Jack Ma reported on Europe trip

Added 10-20-21 05:04:02am EST - “Alibaba shares surged more than six percent on Wednesday after billionaire founder Jack Ma was reported to be in Europe, fuelling investor hopes that the worst of China's regulatory crackdown for the internet giant might be over.” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “Alibaba shares soar after Jack Ma reported on Europe trip”. Below is an excerpt from the article.

Alibaba shares surged more than six percent on Wednesday after billionaire founder Jack Ma was reported to be in Europe, fuelling investor hopes that the worst of China's regulatory crackdown for the internet giant might be over.

Ma has kept a low profile ever since mainland officials spiked what would have been a world record $37 billion initial public for Alibaba's financial group Ant last November.

That shock decision kicked off what became a cascading series of crackdowns by Chinese authorities on a host of tech and other industries deemed to have become too powerful, unregulated or monopolistic.

Ma's presence in Spain -- for a "study tour of the agricultural industry and technology related to the environment" -- was reported by the South China Morning Post, which is owned by Alibaba.

The paper said the 57-year-old, who retired from the role of Alibaba's chairman in 2019, was attending a series of business meetings in Europe.

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