Jack Ma Reportedly Returns To China As Xi Jinping's Tech Crackdown Focus Shifts To Banker Bao Fan

After months of globetrotting Chinese billionaire Jack Ma reportedly returned to China as the crackdown seemed to ease with the focus shifted to investment banker Bao Fan. 

What Happened: The co-founder of Alibaba Group Holdings (NYSE:BABA) visited a school he founded in Hangzhou, the hometown of the Chinese multinational technology company, multiple familiar with Ma's schedule told SCMP. 

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The Chinese business magnate, on Monday, met teachers and students at Yungu School, a private school covering kindergarten to high school that he funded in 2017. The billionaire reportedly discussed education issues and ChatGPT technology with the school.

Before returning to the mainland, Ma briefly stopped in Hong Kong to meet friends and visit Art Basel. The tech billionaire is known to be very passionate about painting and the arts.

Ma has maintained a low profile after the Chinese administration, in 2020, singled out Ant Group‘s $37 billion IPO, which set off a broad regulatory crackdown on Chinese tech groups, including billions in fines and regulatory overhauls for Alibaba.

In his rare appearances, after fading from public view in recent years, Ma has been spotted in Europe, Thailand, Japan and China, attending educational and agricultural events. 

Meanwhile, last month China’s high-profile investment banker who suddenly went missing was said to be cooperating with relevant Chinese authorities conducting an investigation. Since then, there has been no update from the bank, Fan or the Chinese government. 

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