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China: Alibaba founder quits business school

China: Alibaba founder quits business school

Beijing | The Financial Times reported on Monday that Jack Ma will step down as chair of the business school he set up, while his group, Alibaba, the online trade giant, is in the eyes of Chinese authorities.

The extravagant billionaire has been very conservative since Alibaba was targeted by an investigation on suspicion of monopolistic practices, in the context of the Beijing takeover.

The British newspaper, citing several sources, claimed that Hoban University, which aims to train the elite of Chinese businessmen, changed its name and restructured its curriculum.

The former English teacher should not have responsibilities in the new organization of the school, which was founded in 2015 in his hometown of Hangzhou (east), Alibaba headquarters, according to the Economic Daily.

The internet giant has been in the eyes of the authorities since Jack Ma’s criticism of regulatory authorities last October.

A leading digital company in China and long standing as an example of its success, Alibaba was fined 2.3 billion euros last month for abusing a dominant position – an amount that represents 4% of its 2019 turnover.

Twenty years after establishing the famous e-commerce group in China, Jack Ma retired from Alibaba in 2019, on his 55th birthday, saying he wanted to devote himself to philanthropic activities, especially in the field of education.

Hoban University and Ali Baba did not respond to AFP requests.

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