Alibaba and Ant Group Drop in Value After Jack Ma's Criticism of Beijing; Regulatory Crackdown Appears to Be Ending

Jack Ma's comments about Beijing in 2020 led to a regulatory crackdown that caused Alibaba and Ant Group to lose a combined $850 billion in market value.
Alibaba shares rose 5.5% on Monday amid signs that China's regulatory scrutiny of Ant Group may be ending after the company was fined $984 million.
Alibaba shares jumped 4% Monday as analysts suggested China may ease pressure on tech companies following Alibaba's restructuring, though more regulation is still expected.
Ant Group proposed a $6 billion share buyback, and Alibaba is considering selling some of its 33% stake in Ant to participate.
Jack Ma and other Ant Group shareholders chose not to participate in the share repurchase. Ant Group must become a financial holding company to end the regulatory crackdown.