Alibaba's shares record gains as founder reappears

Gulf Today Report 

Alibaba’s shares recorded more than eight per cent gains on Wednesday after founder Jack Ma made his first public appearance in months.

Speculations have been going on for weeks about his whereabouts after he disappeared from the public following an October speech criticizing China’s financial system. 

Jack Ma is one of Asia's richest people. File

After that speech, the record-breaking $37 billion IPO of his financial group Ant was spiked at the last minute by mainland officials. China's finance authorities have since ordered Ant to change its business model and hack back its lending, insurance and wealth management services, while Alibaba is also the subject of an anti-monopoly probe. 

However, Chinese financial news outlets released a video clip on Wednesday showing him giving a speech to rural teachers as part of an awards ceremony organised by his charity.

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Both Alibaba and Ant said they will cooperate with regulatory requests.

Ma is one of Asia’s richest people, his net worth is estimated at around $58 billion.