International News 25/01
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Jack Ma Buys US$50 Million Worth of Alibaba Shares in the Fourth Quarter
Alibaba co-founder Jack Ma and Chairman Joe Tsai purchased millions of dollars worth of shares in Alibaba during the fourth quarter of 2023. This caused the company's US-listed shares to rise by around 7%. Ma bought Hong Kong-traded shares for $50 million, while Tsai bought $151 million worth of US-traded Alibaba shares through his Blue Pool Management family investment. The Jack Ma Foundation, which handles media inquiries for the billionaire, did not immediately respond to requests for comment. In November, Alibaba announced that Ma's family trust would sell 10 million American Depository Shares of Alibaba for $871 million. The company recently abandoned plans to separate its cloud business due to uncertainty caused by US export restrictions on technology used in artificial intelligence applications. These developments are part of Alibaba's business restructuring efforts.
China stocks slip, Hong Kong bourse rises after cabinet pledge to stabilize market
Stocks on China's bourses are near a five-year low, but Hong Kong stocks have rallied after China's cabinet announced plans to stabilize market confidence. The cabinet meeting, chaired by Premier Li Qiang, stated that they would inject funds into the capital market to promote stability and healthy development. Bloomberg News reported that policymakers are seeking to mobilize around $278.53 billion from offshore accounts of China's state-owned companies to create a stabilization fund for purchasing domestic stocks through Hong Kong's exchange network. Despite these efforts, the Shanghai Composite Index and the CSI300 remain below the psychological threshold of 2,800 points, indicating weak investor sentiment. The Chinese yuan has also recovered from its lowest level in two months against the dollar. Overall, the Chinese economy is weakening, and there is hesitation to implement significant stimulus measures.