Has Jack Ma Been Freed? Luxurious Yacht Tour Around Spanish Resorts

First Overseas Trip After Being Endorsed by Xi Jinping

Ma Yun, Founder of Alibaba Group [Photo by Reuters]

[Asia Economy Reporter Cho Hyun-ui] Jack Ma, the founder of Alibaba Group who had been reclusive after publicly criticizing Chinese financial authorities, is enjoying a vacation visiting famous resorts in Spain. This marks his first overseas trip since falling out of favor with the authorities last October, leading to speculation that his travel ban has been lifted.

According to Spanish regional media Diario de Mallorca on the 20th (local time), Jack Ma was spotted purchasing home decorations at a shop in the Andratx harbor on Mallorca Island, a Spanish resort.

He arrived on Ibiza Island in Spain on the 16th via a private jet from Hong Kong and is currently traveling around the Balearic Islands in the western Mediterranean on his luxury yacht with business associates. The archipelago includes several famous resorts such as Ibiza, Mallorca, Menorca, and Formentera.

The luxurious yacht of Jack Ma, founder of Alibaba Group, is docked on the island of Mallorca, Spain, on the 20th (local time).
[Image source=Reuters Yonhap News]

Buoyed by news of Jack Ma’s trip to Spain, Alibaba’s stock price surged as much as 9.2% during the trading session. The Hong Kong South China Morning Post (SCMP), owned by Alibaba Group, reported that "Jack Ma is staying in Spain to research agricultural technology related to environmental issues."

The reasons behind the authorities permitting Jack Ma’s departure remain unknown. An Alibaba shareholder told SCMP, “This is a clear sign that Chinese regulatory authorities have resolved their issues related to Alibaba.”

Jack Ma’s recent movements, which had even sparked rumors of disappearance, are analyzed to be connected to Alibaba’s pledge to donate 100 billion yuan (approximately 18 trillion won) by 2025 in line with Chinese President Xi Jinping’s ‘common prosperity’ policy. The 100 billion yuan amount is equivalent to Alibaba’s half-year net profit and is a significant scale even among the recent wave of donations by Chinese big tech companies.

This content was produced with the assistance of AI translation services.