Shock: Rumor has it that billionaire Jack Ma has been arrested, Alibaba is in trouble

This news is causing the world public's attention.

Billionaire Jack Ma - Chairman of Alibaba Group is considered to be both intellectual and ambitious. He has built one of China's biggest business empires from scratch, creating huge fortunes and bringing digital innovation to hundreds of millions of people.

Although not Jeff Bezos, Elon Musk or Bill Gates, his achievements can be compared with these characters. Before billionaire Jack Ma withdrew from the world stage in October 2019, he gave a speech in which he criticized Chinese supervisory regulators for stifling financial innovation.

Although Jack Ma is famous abroad, his influence in China has waned. Recently, the government of Hangzhou province, China has just announced the arrest of a man surnamed Ma.

Notably, Hangzhou is home to the headquarters of many large technology corporations in China, including Alibaba and Ant Group founded by billionaire Jack Ma (Ma Van). According to CCTV, although the man's identity has not been revealed, he has been imposed a restraining order since April 25.

He was charged with incitement to overthrow the government and endanger national security. On China's Weibo forum, many users are also talking about the arrest of businessman Ma. Some pointed out that Jack Ma just appeared at the Hangzhou business conference at the end of April, so the chances of him being arrested are low.

Some users even believe that the person arrested is Ma Huateng, the founder of Tencent. However, Tencent headquarters is located in Beijing, not Hangzhou.

The CCTV report was later edited, the name of the arrested person was changed to "Ma Mo Mo". However, Weibo users still think that this person may be Ma Van - the real name of the father of the e-commerce empire Alibaba.

According to Bloomberg, Alibaba shares have plunged 9.4% in Hong Kong, wiping out about $26 billion in market capitalization of the company. This comes shortly after China's state broadcaster CCTV reported that authorities in Hangzhou, where Alibaba's headquarters are located, had imposed restrictions on a person surnamed Ma.

However, according to newly updated information, Alibaba shares have gradually increased again after a statement from the Hangzhou police said that the accused's name has three characters, while the Chinese name of the accused has three characters. Jack Ma (Ma Van) consists of only two characters. However, CCTV's two-sentence report earlier made many people restless, highlighting investors' unrelenting anxiety over China's tech sector after a tumultuous year. with a series of new regulations.

Previously, Jack Ma disappeared from public view during the last three months of 2020, after criticizing China's corporate policies and saying that constant US surveillance would stifle innovation in the country.

Accordingly, he even "disappeared" from public events, inactive on social networks for nearly 3 months. In January 2021, he reappeared, but no longer had the stormy statements as before.

In April, China's Central Commission for Discipline Inspection (CCDI), China's top anti-corruption agency, said it was directly investigating the influence of the billionaire's fintech empire. Jack Ma, including transactions between Ant Corporation and banks and state-owned enterprises.

The commission also arrested and expelled the former Party Secretary of Hangzhou City Party Committee, Zhou Jiangyong, for corruption. He faces charges of abusing his position and accepting huge bribes over the past 20 years. In particular, some investigative evidence has shown that the former Party Secretary of Hangzhou used his influence to help businesses, including Jack Ma's Ant Group.

Alibaba Group has been under scrutiny by China's antitrust regulators for nearly a year and fined a record 18.2 billion yuan ($2.8 billion) in April 2021 for "violating violate antitrust regulations and abuse a dominant market position".

The Hangzhou city government, where Alibaba is also headquartered, was not immediately available for comment. Alibaba representatives also did not immediately respond to requests for comment.

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