Alibaba Group Holding Ltd (NYSE: BABA) Shares Gain By 6.4% After Jack Ma is Seen in Mallorca

Alibaba Group Holding Ltd (NYSE: BABA) shares gained 6.4% after news that its founder Jack Ma was touring the island of Mallorca near the Spanish Coast. This increase added over $27 billion to its value despite the report being unverified and unrelated to company affairs.

Ma gave a controversial speech in 2020 that resulted in the Chinese government cracking down on Alibaba and other large companies. As a result, Alibaba lost a significant portion of its value. Since then, there have been no sightings of Ma, leading many to believe that the government is restricting his movements. However, people have seen Ma in a few places in the last few months, and each sighting has caused an increase in stock value. However, as with any event-driven shares, experts do not expect it to hold value.

Anonymous sources claim that Bauhinia Culture Holdings Ltd is in talks to buy SCMP from Alibaba

More news from an anonymous source claims that the government-owned Bauhinia Culture Holdings Ltd has plans to acquire SCMP, which is one of Hong Kong’s most prominent news outlets. If the acquisition happens, it will mean that the popular news outlet will belong to the government. This change could cause a lot of tension in Hong Kong, where there has been increased unrest from citizens who want democracy. It will also serve as a sign of the government’s hold on Ma and his company.

Alibaba has previously felt pressure from the government who wants it to sell its media assets. A company spokesperson has stated that it is not in any talks to sell SCMP. Bauhinia has also declined to comment.

Alibaba partners with the International Trade Centre

Alibaba has also collaborated with the International Trade Centre (ITC) to launch Global Digital Trade Accelerator to help micro, small, medium businesses (MSMEs) in developing countries. The move will enhance export competitiveness for MSMEs and help them grow faster through e-commerce.

According to the Chairman of the Board and CEO of Alibaba Group, Daniel Zhang, the pandemic has brought many challenges to trade worldwide. However, these difficulties have also come with many opportunities as businesses grow and sustain themselves digitally. The executive director of ITC, Pamela Coke-Hamilton, adds that e-commerce is an excellent way to grow.

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Published by Christine Lawrence

Christine Lawrence is a financial analyst. She loves analyzing socioeconomic trends in the background of financial moves. She has overall seven years of experience in Auditing, Finance and Writing.

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