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IPFS News Link • Stock Market

Alibaba Shares Rally As Jack Ma Resurfaces After 3-Month Absence

• by Tyler Durden

ADRs were up 7.7% to $271 at 0411ET, while Alibaba's Hong Kong-traded shares surged 8.5%.

For those who haven't been following the story, Ma made a few remarks at an obscure tech conference late last year where he accused Party authorities of stifling innovation in China's burgeoning tech sector. President Xi and the rest of the Politburo apparently took these criticisms very personally, since they swiftly turned around and kneecapped Ma by scrapping a domestic IPO for Ant Financial, an Alibaba spinoff that Ma was leading to market, before launching an "anti-monopoly" push against China's biggest tech giants, having apparently decided that Ma and his ilk - the Chinese tech billionaire sect - had gotten too big for their britches, so to speak.