(Bloomberg) — Alibaba Group Holding Ltd. gained its most in six months after billionaire co-founder Jack Ma bought stock, a much-needed boost for a company weathering internal turmoil and a stock market rout.
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China’s e-commerce pioneer gained as much as 6.7% in Hong Kong, after climbing 8% in New York. Ma, the once-outspoken billionaire who retreated from public view after Beijing clamped down in 2020, bought about $50 million of stock last quarter, a person familiar with the situation said. Chairman Joseph Tsai — Ma’s longtime confidante — also separately bought about $150 million of shares in his first such purchase since 2017.
The revelation emerged as doubts persist about China’s post-Covid turnaround, helping trigger a market rout that’s hammered swathes of the world’s No. 2 economy. Alibaba itself lost more than 40% of its value over the…
