Alibaba shares climb 7% after Jack Ma’s appearance in Europe

Alibaba shares climb 7% after Jack Ma’s appearance in Europe

One of the biggest Chinese companies, Alibaba witnessed its share prices surging as much as 9 per cent after Jack Ma, the founder of the Group was surfaced in Europe. Moreover, the release of the latest chip also gave hope for the stock prices to fly. 

However, some of the gains were pared due to the profit booking. At the day’s end, it closed with almost a 6.6 per cent high. 

Interestingly, a Hong Kong based publication had published that Jack had visited Spain along with his business partners and billionaire pals for sailing vacations. However, the report didn’t name the source citing the confidentiality requested by the person. 

On the other hand, the news publication owned by Alibaba, South China Morning Post wrote that Jack was studying agriculture and technology used in Spain concerning environmental issues. 

However, Alibaba did not respond to the news when contacted. 

Notably, Ma’s whereabouts have been in the public discourse since his sudden disappearance after making critical remarks on Chinese regulators last October. 

Moreover, the initial public offering(IPO) of jack’s fintech giant Ant Group was abruptly suspended subsequently. It started intense scrutiny on the technology sector by China’s regulators. 

Since then, billions of dollars have been wiped off from the economy and China’s technology companies. Year to date, Alibaba’s shares listed in the US are down by almost 23 per cent. 

It is noticeable that after disappearing in October, when Ma reappeared in January this year, the price of its stocks surged instantly. 

Moreover, Alibaba also released information regarding its cloud business in the current week. 

It had launched a new chip on Tuesday, designed for boosting the capacity of servers for cloud computing. 

Alibaba is seeing its future growth in the cloud segment. It generates around 8 per cent of its total revenue from the technology. 

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