• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Sunday, July 20, 2025
  • Login
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Business

China Detained Man Named ‘Ma’, News Wiped $26 Billion Off Alibaba’s Stock

by Ayush Bansal
May 6, 2022
in Business, News
Reading Time: 2 mins read
0
Jack Ma quotes

FILE PHOTO - Alibaba Group founder and chairman Jack Ma arrives to attend a meeting with the French President at the Elysee Palace in Paris March 18, 2015 . REUTERS/Philippe Wojazer/File Photo

TwitterWhatsappLinkedin
Why Alibaba Founder Jack Ma Hasn't Been Seen In Public Lately : NPR
Image: NPR

Chinese e-commerce and internet company Alibaba, co-founded by Jack Ma, saw its shares fall as much as nine percent this week as reports emerged about the detention of a man named Ma in Hangzhou, the company’s headquarters, CNN reported.

You might also like

RFK Jr.’s Plan to Overhaul the U.S. Vaccine Injury Program Sparks Alarm Across Health Sector

GenAI Takes Center Stage in Netflix Shows and Films

Jio Financial Services and Allianz Group Ink 50:50 Reinsurance Joint Venture Deal

Alibaba’s Hong Kong-listed shares closed about 1.7% lower Tuesday — after earlier falling more than 9%. It followed unconfirmed rumors that linked the company’s founder Jack Ma to a national security investigation.

Chinese state broadcaster CCTV reported that the man had been detained on suspicion of “colluding with overseas anti-China hostile forces” to “incite secession and subversion of state power.”

State-backed tabloid Global Times separately reported, citing the Hangzhou security bureau, that the person under investigation is the director of a tech company’s hardware research and development department.

The one-sentence report, which was swiftly picked up by other state media outlets and alerted across Chinese news platforms, triggered panic selling in Hong Kong, erasing an estimated $26 billion from Alibaba’s market value within minutes.

Real Story

The former editor-in-chief of Global Times, another state-owned media house, flagged that the original report about the suspect was deceptive.

Hu Xijin flagged that the man detained by Chinese authorities had a three-character name. While Jack Ma’s Chinese name Ma Yun had only two characters, CNN reported.

But on Tuesday morning, Chinese state broadcaster CCTV reported that police in the city of Hangzhou. Where e-commerce giant Alibaba is based, had been investigating a person with the surname Ma since April 25.

Details in the terse 86-word report were lacking, but investors have spooked anyway. Many assumed that the person in question was Jack Ma, whose Chinese name is Ma Yun. After the news broke, Alibaba’s share price in Hong Kong slid 9.4% in early trading, wiping about $26 billion from its market value, Bloomberg reported.

Another state media outlet, Global Times, soon followed up with a report citing unnamed sources that said the individual in question had three characters in his name.

The person was born in 1985, making him two decades younger than Alibaba’s founder, per Global Times, and was identified as a director of hardware research and development at an IT company.

The market’s roller-coaster reaction is the latest sign of just how skittish investors are getting over China’s embattled tech sector. Which has been a target of the Chinese government’s heavy-handed regulatory crackdown since late 2020.

Despite recent signals from the Chinese government, it is preparing to roll back the campaign due to the economic impact, as first reported by the Wall Street Journal. The market frenzy on Tuesday indicates investor confidence remains shaky.

Jack Ma has mostly faded from public life and kept a low profile since Ant Group’s IPO in the US was halted by regulators in late 2020. Once among the most outspoken figures in China, he hasn’t posted anything on Weibo, where he has nearly 25 million followers, since October 2020.

His last Weibo post, about a meeting with some 100 school principals to discuss the future of China’s education, was flooded with critical comments.

“I won’t be surprised if old Ma is jailed one day,” the top comment said. “You’re just a capitalist! Don’t pretend to be a good person!” another comment screamed.
Jack Ma remained silent throughout Tuesday, as rumors against him swirled on the Chinese internet. Hashtags about the detention of the suspect surnamed Ma were among the top trending topics on Weibo, drawing hundreds of millions of views.

 

 

Tags: Alibaba GroupJack MaMarketNewsshare
Tweet54SendShare15
Previous Post

Trump’s Truth Social supports Elon Musk’s purchase of Twitter, CEO says

Next Post

Only quarter of India’s 100 unicorn startups are profitable

Ayush Bansal

Recommended For You

RFK Jr.’s Plan to Overhaul the U.S. Vaccine Injury Program Sparks Alarm Across Health Sector

by Anochie Esther
July 20, 2025
0
Kennedy

Five months into his tenure as Secretary of Health and Human Services (HHS), Robert F. Kennedy Jr. has set his sights on a quiet but critical pillar of...

Read more

GenAI Takes Center Stage in Netflix Shows and Films

by Sneha Singh
July 20, 2025
0
GenAI Takes Center Stage in Netflix Shows and Films

Netflix has achieved an unpublicized milestone that could change the manner in which movies and television are made. The streaming giant announced Thursday that it successfully used artificial...

Read more

Jio Financial Services and Allianz Group Ink 50:50 Reinsurance Joint Venture Deal

by Anochie Esther
July 20, 2025
0
JFSL

In a landmark move poised to reshape India's insurance landscape, Jio Financial Services Ltd (JFSL) and Germany-based Allianz Group have entered into a binding agreement to form a...

Read more
Next Post
Only quarter of India’s 100 unicorn startups are profitable

Only quarter of India’s 100 unicorn startups are profitable

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple Artificial Intelligence bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?