Alibaba Group Holding Ltd.’s (NYSE: BABA) strong stock rebound hit a pause on rising bond yields concerns reversing around 24% of the gains in the past four sessions. The stock dropped 3.9% in Hong Kong, resulting in most of the losses in the Hang Seng Index that fell 1.4%.
The stock was recovering as investors bet that the worst in the tech crackdown was over after the regulatory prove into China’s Meituan with a smaller than anticipated antitrust penalty for the online food delivery firm.
Alibaba co-founder Jack Ma makes an appearance.
The company’s co-founder, Jack Ma, who has been keeping a low profile following the crackdown on tech companies in China, was recently seen in Hong Kong. According to Reuters, Ma is currently staying in Hong Kong, where he met a few business associates over meals last week. Such reports appeared were also in Hong Kong’s The Standard at the beginning of the month.
The outspoken billionaire had kept a low profile since he angered Beijing authorities in 2020 following his criticism of financial regulators. Before his appearance in Hong Kong, Ma made various low-key appearances in Mainland China, including a video call with teachers in China in January and a visit to the Hangzhou campus.
In December, Ma was replaced in Africa’s Business Heroes TV show, leading to speculations and rumors regarding his whereabouts. Last month photos emerged on social media of Ma visiting greenhouses in Zhejiang province.
Charlie Munger acquires more stake in Alibaba
Daily Journal Corp chairman Charlie Munger has disclosed his third-quarter portfolio this week, and his publishing company has positions in five stocks. In the last quarter, he added one stock to his list, with his position in Alibaba boosted by 82.71% in the quarter ended September 30, 2021, acquiring 136,740 shares. The transaction had an 8.99% impact on his equity portfolio.