Ma's fintech giant will become a financial holding company
An announcement about the restructuring, which will result in the company being subject to capital requirements similar to those for banks, could come before the start of China's Lunar New Year holida
It also announced a bond sale worth as much as $5 billion though sources have said plans for the fundraising were in the works before the regulatory clampdown
Net income attributable to shareholders rose 52 per cent to 79 billion yuan
Ma, lionised at home for creating some of his country's largest corporations, didn't make the cut in a Shanghai Securities News front-page commentary lauding the leading lights of technology
The results come as China clamps down on company founder Jack Ma's business empire, having forced the suspension of a $37 billion IPO for financial affiliate Ant Group
China's best known businessman was not mentioned in an front-page article published by the Shanghai Securities News
He said the strategy for the companies is to be an active player in every market that they operate and have an articulation of partnership with that country and which reflects its priorities
Tencent and Alibaba Group Holding, along with food-delivery giant Meituan and carmaker Geely Automobile Holdings, were among the stocks helping propel the rally.
That's how much Alibaba Group Holding Ltd.'s market value soared after a clip of Ma speaking to a group of teachers began circulating online -- his first public comments since disappearing from view
While Ma has stepped down from corporate positions and earnings calls, he retains significant influence over Alibaba and Ant
Much about the future of China's most famous businessman remains unclear
Business Standard brings you top news of the evening
Speculation about Ma's whereabouts and his standing with President Xi Jinping's government had reached a fever pitch in recent weeks
Ma, who used to come at least once a month to the bar that was opened by Alibaba executives in early 2019, hasn't been around since late last year, said one worker
Alibaba founder Jack Ma, who also controls Ant, has not been seen in public since Ant's IPO debacle.
Flagship changes like loosening merchant exclusivity might have had more impact several years ago, before competition intensified, but the direction of travel is clear
Chinese e-commerce leader Alibaba Group Holding plans to raise at least $5 billion through the sale of a US dollar-denominated bond this month, four people with direct knowledge of the matter said
Over the last year, the government has encouraged the growth of consumer finance companies as well as the existing units of banks that deal in the business
China's highest-profile entrepreneur has not appeared in a public setting since a late October forum in Shanghai