controlling rights to his Ant fintech empire, which many observers took as a signal that punishing crackdown was nearing an end.
Alibaba’s shares climbed as much as 3.4 percent in Hong Kong on Friday, outperforming the broader market. Ma mostly disappeared from public view after giving a 2020 speech that criticized Chinese regulators—right before Beijing scuttled what would have been a record Ant IPO. It triggered a series or regulatory probes and actions that targeted tech giants from Alibaba to Didi Global Inc., wiped out growth at rivals such as Tencent Holdings Ltd., and forced private businesspeople to curtail their activities.
Many of Ma’s peers have since relinquished their formal corporate roles and increased donations to charity to align with President Xi Jinping’s vision of achieving “common prosperity.”
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