Jack Ma: A Return Long in the Making

Monday, February 17, 2025 marked Jack Ma’s official and high-profile return to the public stage. Along with other leading Chinese entrepreneurs like Ren Zhengfei (Huawei), Wang Chuanfu (BYD), Pony Ma (Tencent), and Liang Wenfeng (DeepSeek), Jack Ma was among the distinguished guests at the first “private enterprise symposium” organized since 2018. This official participation signals the end of a long ordeal for Jack Ma, which began in 2020 after his controversial remarks about China’s financial regulatory system.

In this article, we’ll revisit Jack Ma’s fall from grace and show that his dramatic return in February 2025 was actually preceded by several more discreet steps, reflecting a shift in the Chinese government’s approach toward the high-tech sector.

October 2020: The Speech That Nearly Destroyed Jack Ma

Jack Ma’s removal from the public eye originated from a speech delivered on October 24, 2020, at the Shanghai Bund Summit. The billionaire sharply criticized Chinese financial regulators, calling them an “old men’s club” and denouncing their approach as stifling innovation. These comments triggered a chain reaction: two days later, Beijing suspended the IPO of Ant Group, Alibaba’s financial subsidiary, which was set to be the largest in history ($37 billion). Soon after, an antitrust investigation was opened against Alibaba, resulting in a record fine of $2.33 billion in April 2021 for “abuse of dominant market position.”

This sequence marked a turning point in the relationship between the Chinese government and tech giants. Jack Ma, until then an untouchable figure of Chinese capitalism, became the symbol of increased regulation at a time when Beijing sought to reduce the influence of digital platforms on the financial system. His forced withdrawal from public life was accompanied by unusual discretion: between 2020 and 2023, he was only seen on rare occasions, mainly abroad (Japan, Spain, Thailand).

Early Controlled Reappearances (2021-2023): Between Philanthropy and Allegiance

The first step toward partial rehabilitation came on January 20, 2021, when Jack Ma reappeared in a livestreamed video addressing rural teachers as part of a philanthropic project. This thematic choice wasn’t random: by highlighting education, a priority sector for the regime, Ma attempted to reaffirm his alignment with Beijing’s social objectives. The impact on markets was immediate: Alibaba’s stock jumped 8.52% in Hong Kong, underscoring investors’ sensitivity to his status.

This period was characterized by a low-profile strategy, alternating between prolonged absences and carefully calibrated appearances. In March 2023, Ma made a discreet visit to a school near Hangzhou, Alibaba’s headquarters, where he discussed artificial intelligence and ChatGPT. Though minor, this appearance signaled the beginning of normalization, reinforced by regulatory concessions: in 2023, Beijing authorized Ant Group to raise $5 billion through a subsidiary, the first sign of easing restrictions.

2024: Consolidating the Return and Strategic Repositioning

2024 marked an acceleration. In December, Jack Ma made a more publicized return during Ant Group’s 20th anniversary, where he emphasized the role of artificial intelligence while tempering expectations: “AI will change everything, but that doesn’t mean it can decide everything.” This speech, focused on controlled innovation, reflected adherence to state directives on technological governance. Meanwhile, Alibaba began a major restructuring, splitting its activities into six independent units to comply with antitrust requirements.

Ma’s physical return to China in late 2024, after spending more than a year primarily in Japan, was a turning point. Sources indicate that Premier Li Qiang personally worked on this rapprochement, seeing it as leverage to restore confidence in the private sector. This reappearance was accompanied by communication highlighting his educational projects, aligned with Xi Jinping’s “common prosperity” rhetoric.

2025: Official Rehabilitation

The culmination of this process came on February 17, 2025, when Jack Ma participated in a meeting at the Great Hall of the People alongside Xi Jinping and other private business leaders. This invitation, symbolizing complete reintegration into the official fold, coincided with Beijing’s efforts to revive an economy weakened by the real estate crisis and record youth unemployment. In his speech, Xi Jinping described the difficulties of the private sector as “temporary and surmountable,” a message interpreted as conciliatory after years of regulatory crackdowns.

A Signal Sent to the Tech Sector

Jack Ma’s gradual return was accompanied by easing constraints on Ant Group. Although forced to abandon its neobank ambitions, the company obtained licenses to operate in less sensitive sectors, such as B2B payment services.

More broadly, this rehabilitation sent a signal to the Chinese tech sector. Companies like Tencent and Meituan, also under regulatory scrutiny, observed an easing of pressure, materialized through accelerated approvals for new products. However, the newfound leeway remains controlled, mainly reflecting a “return to normal” where innovation and political compliance coexist.