Business
The Sad End Of Jack Ma Inc.
June 9, 2021
February 17, 2025
By Evans Momodu
2 minute digest
Published 10:40 UK(GMT), 17 February, 2025
Chinese President Xi Jinping met with Alibaba co-founder Jack Ma and other major tech executives in Beijing on Monday, suggesting a potential shift toward a more business-friendly environment after years of regulatory crackdowns.
Among the high-profile attendees were Huawei founder Ren Zhengfei, BYD CEO Wang Chuanfu, CATL CEO Zeng Yuqun, and Xiaomi CEO Lei Jun, according to state broadcaster CCTV.
The gathering comes amid renewed optimism in China’s tech sector, spurred by the recent success of AI startup DeepSeek, which rattled global markets by delivering high-performance AI models at a lower cost than its Western competitors.
China’s stringent regulatory crackdown, which began in 2020 after Ma publicly criticised financial regulators, significantly impacted major firms like Tencent, Didi, and Meituan. Since then, Ma has largely remained out of the public eye.
His appearance at Xi’s meeting suggests that officials are ready to move on from the crackdown, according to Angela Huyue Zhang, a law professor at the University of Southern California.
“With the economy slowing and geopolitical tensions rising, the government is making it clear that it values the private sector for driving innovation and growth,” Zhang opined. She also noted that the meeting signals a renewed effort to restore confidence in the tech industry.
Investors reacted positively to the news. The Hang Seng China Enterprises Index, which tracks key Chinese firms, surged to its highest level since early 2022 on Friday after reports of the meeting surfaced. However, it dipped about 1% on Monday.
Source: CNN
