Billionaire entrepreneur Jack Ma appears to be making a comeback in the Chinese business world after a period of absence.
Ma, the founder of Alibaba Group, had kept a low profile since 2020 when he criticized China’s financial system, resulting in a crackdown on private enterprise and a significant decline in his wealth.
However, it seems that Ma, who co-founded e-commerce company Alibaba, has regrouped and entered the market again with a farming business.
A company named ‘Hangzhou Ma’s Kitchen Food’ was recently registered by Ma, with a capital of 10 million yuan ($1.4 million), according to Bloomberg.
The registration was shared on the corporate database Tianyancha, and according to China’s National Enterprise Credit Information Publicity System, seen by Bloomberg, Ma’s new company is involved in selling packaged agricultural goods.
The company’s name also indicates the connection between Ma and the business.
In addition to bearing his name, Hangzhou is Ma’s hometown in eastern China, where Alibaba Group was founded and is still based.
Little else is known about the new venture, although the South China Morning Press reports that several of Ma’s top executives from his philanthropic foundation are involved.
The Jack Ma Foundation did not immediately respond to Fortune’s request for comment.
Last week, CNBC also reported an update from Ma: the billionaire, worth $29.3 billion, had canceled plans to sell 10 million Alibaba shares for a payout of around $870 million.
However, since the filing revealing Ma’s intentions, Alibaba’s share price has dropped from over 77 Hong Kong Dollars per share on Thursday to 75 by Monday.
What happened to Ma?
Ma went from being the richest man in Asia to somewhat of a pariah after making controversial comments about the Chinese government.
The tech tycoon started as a teacher before launching Alibaba, a platform connecting Chinese merchants with global buyers, in 1999.
The business quickly became one of the world’s fastest-growing start-ups, reportedly with over a billion users and a market cap of more than $1.5 trillion.
Ma, known for his wealth and success, had previously boasted about avoiding Chinese regulators.
However, in late 2020, Ma crossed a line. He was preparing for Ant Group’s $37 billion IPO, which would have been the world’s largest debut at the time.
But on October 24, 2020, just before the listing, Ma delivered a now-infamous speech at the Bund Finance Summit in Shanghai, criticizing China’s state-owned banks and accusing regulators of stifling innovation.
Although Ma had stepped down as Alibaba CEO in 2013 and chairman in 2019, he remained a major shareholder through his family’s trust.
In November 2020, Chinese regulators turned their attention to Ma’s interests. They suspended Ant’s IPO on November 3 and released new antimonopoly rules for the entire tech sector a week later, banning practices such as exclusive vendor agreements.
A month later, regulators launched an antitrust investigation into Alibaba, resulting in a $2.75 billion fine for alleged monopolistic practices. Alibaba also pledged $15.5 billion to support the government’s “Common Prosperity” campaign to redistribute wealth. Analysts viewed this as an attempt by Alibaba to align itself with the government.
Ma largely disappeared from public appearances, raising concerns about his safety. However, a few charity visits and an update about teaching in Tokyo hinted at a potential return to business.
