JACK MA

More than two years ago, Chinese regulators torpedoed Ant Group Co.’s would-be record initial public offering, sending shock waves across global capital markets. New rules have been slapped on the fintech giant, which has operations ranging from consumer lending and wealth management to online payments. The result is that the once-fertile landscape for web-based financial services has drastically changed as part of a government effort to bring the entire technology sector to heel. The next big q

Leading Chinese financial technology provider Ant Group has announced that its founder, e-commerce billionaire Jack Ma, will give up control of the company.

The Bangkok restaurant Jay Fai posted a picture of the elusive billionaire on Instagram just hours before he ceded control of the company he founded.

Ma been laying low since October 2020 when he gave a speech criticizing China's financial regulatory system — which angered the Chinese authorities.

Martin Chorzempa’s "The Cashless Revolution" shows why and how China came to be at the forefront of financial technology.

National supermarket chains and big box retailers including Kroger and Walmart learned as much about the digital threat from China's Alibaba as from Amazon.

Two years ago, Chinese regulators torpedoed Ant Group Co.’s would-be record initial public offering, sending shock waves across global capital markets. New rules have been slapped on the fintech giant, which has operations ranging from consumer lending to wealth management to online payments. The result is that the once-fertile landscape for web-based financial services has drastically changed as part of a government effort to bring the entire technology sector to heel. Now the big question is w

Ceding control of the fintech will spare the multibillionaire harsh scrutiny from Chinese officials

Two years ago, Chinese regulators torpedoed Ant Group Co.’s would-be record initial public offering, sending shock waves across global capital markets. New rules have been slapped on the fintech giant, which has operations ranging from consumer lending to wealth management to online payments. The result is that the once-fertile landscape for web-based financial services has drastically changed as part of a government effort to bring the entire technology sector to heel. Now the big question is w

Ant Group, which is controlled by billionaire Alibaba founder Jack Ma, had its IPO pulled in November 2020 after regulators flagged concerns.

The government is trying to rein in the competitive excesses of market capitalism.

Many in China's tech industry fear that the best days of the sector may be behind it.

Alibaba Group Holding Limited’s shares lost billions of dollars’ worth of market value in a matter of minutes after Chinese state media reported that a man with the surname Ma was detained last month. Upon hearing about the report, several investors sold their Alibaba shares in Hong Kong on Tuesday after Chinese state-owned news outlet CCTV News published a vague news report about the man’s arrest in Hangzhou, Zhejiang Province, where Alibaba is based.

After a string of regulatory crackdowns, public crackdowns on executives and U.S. sanctions, China's tech sector is on edge.

China’s hands-off approach to the technology sector minted billionaires and giant companies at a breathtaking pace. Now President Xi Jinping’s government is reining in the country’s most powerful corporations, including Alibaba Group Holding Ltd., Tencent Holdings Ltd. and Didi Global Inc., along with their ultra-rich founders. The scrutiny is one of the largest concerted actions against private enterprise in decades, wiping out $1.5 trillion in market value last year -- and new blows keep comin

The doping scandal around Russian figure skater Kamila Valieva has been a Games-changer at the Beijing Olympics.

Shares of Didi soared as much as 14% in U.S. premarket trading Friday.

On Nov. 2, Peng accused a former Chinese official of sexual assault. She's not been heard from since — like many celebrities who fall foul of Beijing.

The disappearance of tennis star Peng Shuai in China following her accusations of sexual assault against a former top Communist Party official has shined a spotlight on similar cases involving political dissidents, entertainers, business leaders and others who ran afoul of the authorities.

Bay Area airports welcomed big crowds of international travelers on the first day the U.S. lifted travel bans from 33 countries.

The first visitors are arriving Monday as the U.S. lifts the international travel ban first implemented in March 2020 during the first wave of the COVID-19 pandemic. Fully vaccinated international visitors are now allowed to travel to the U.S. for non-essential travel. Errol Barnett reports.

Alibaba founder Jack Ma has been largely out of the public view since October 2020 when he made comments that appeared to criticize Chinese regulators.

Chinese property bonds slumped and contagion fears intensified, as the developer’s former chief economist spoke out over the company’s practices.

After flourishing for two decades with little regulation, China’s internet industries face a future of tighter control by the ruling Communist Party and pressure to pay for its tech ambitions, social welfare and propaganda.

As the economy slows, China's crackdown on the rich and famous may be an attempt to distract from ordinary families' anxiety over their children's future.

As the economy slows, China's crackdown on the rich and famous may be an attempt to distract from ordinary families' anxiety over their children's future.

E-commerce giant Alibaba Group says it will spend $15.5 billion to support President Xi Jinping’s campaign to spread China’s prosperity more evenly.

Foreign shareholders in China’s tech companies are learning what its entrepreneurs have long known: The ruling Communist Party’s decisions about what is good for the economy can hurt your business.

The 72-hour work week is favored among fast-growing Chinese tech companies, but workers and experts say it isn't worth the toll it takes on employees.

While many investors in the U.S. may never use Didi or know much about China's regulatory environment, the company shared some warning signs in its prospectus.

Investor Warren Buffett said the economic impact of the pandemic remains hard to predict but most big companies have fared OK throughout it as long as they weren't tied to travel.

Alibaba founder Jack Ma is still lying low, focusing his efforts on his hobbies and philanthropy, according to a company executive.

Millions in China are expressing their desire to break free of a standard definition of success.

There are 2,100 billionaires in the world, with a total net worth of over $8.7 trillion. Jeff Bezos is currently the richest in the world. Here's the top 20.

The territory currently has two million Pfizer shots that will be out of date in three months.

Shares in Meituan, China's largest food delivery platform, have tumbled after its CEO posted _and then deleted _ an ancient poem in a move widely seen as criticism of the Chinese government.

Twelve major Chinese technology companies pledged Wednesday to comply with anti-monopoly rules, according to statements shared by the national market regulator.

China's dual-listed tech giants — Alibaba, Baidu, JD.com, and Netease — have collectively lost billions in market value in just days. As of Friday's close in Hong Kong, the market capitalization of the four dual-listed tech stocks have fallen 468.64 billion Hong Kong dollars (about $60.31 billion) in three days, according to CNBC calculations of data accessed through Refinitiv Eikon. Here's a list showing how much each of the companies, which are also listed in the U.S., lost in terms of market capitalization. Between Tuesday's close to Friday's close in Hong Kong:Alibaba : Lost 303.1 billion Hong Kong dollars ($39 billion): Lost 303.1 billion Hong Kong dollars ($39 billion) Baidu : Lost 107.54 billion Hong Kong dollars: Lost 107.54 billion Hong Kong dollars JD.com : Lost 30.674 billion Hong Kong dollars: Lost 30.674 billion Hong Kong dollars Netease: Lost 27.334 billion Hong Kong dollarsNotable among them is Baidu, China's largest search engine, which made a lackluster debut in its Hong Kong secondary listing on Tuesday. Companies will also have to name any board members who are Chinese Communist Party officials, the SEC said in a Wednesday statement.

Alibaba's internet browser has been removed from several app stores in China as the company's feud with the Chinese government continues. Android app stores including those operated by Huawei and Xiaomi have blocked downloads or removed Alibaba's "UC Browser," according to Huawei and Xiaomi phone owners who spoke to CNBC. However, one Samsung phone owner in China said they could still see the browser in Samsung's app store. The UC Browser is also still available on Apple's App Store. It comes after the UC Browser was criticized on a TV show, broadcast by state-owned broadcaster CCTV, about misleading online medical advertising.

When government regulators cracked down on Ma and his fintech empire last fall, Shen decided to cut back and reclaim her former frugal self. (Getty Images)Ma is China’s king of disruptive innovation, a leather-jacketed wunderkind as unabashed to push political boundaries as to perform rock concerts for employees. The scheduled $34-billion stock debut of Ma’s fintech company Ant Group last fall would have been the largest in history. (Markus Schreiber / Associated Press )Jack Ma reappeared more subdued in late January in a video celebrating rural teachers. But she plans to close her Huabei and Jiebei accounts as soon as she pays them off.

Take a look at some of the biggest movers in the premarket:Morgan Stanley (MS) – Morgan Stanley earnings and revenue beat estimates for the fourth quarter. The company's shares rose 2.5% in premarket trading as of 7:40 a.m. UnitedHealth (UNH) – The health insurer reported quarterly earnings of $2.52 per share, beating estimates by 11 cents a share. Netflix (NFLX) – Netflix shares are surging in premarket trading, after it reported that its subscriber numbers exceeded 200 million for the first time as 2020 ended. Paccar (PCAR) – Paccar shares are jumping in premarket trading, after the truck maker announced a new partnership with Amazon-backed autonomous vehicle technology startup Aurora.

WorldView: Italy's PM wins crucial vote to stay in power; Jack Ma makes first appearance in months The Italian prime minister won a crucial vote in the country's Senate to stay in power. Also, tech billionaire Jack Ma made his first appearance since October, and officials are being warned of a looming shortage of oxygen supplies in the Brazilian city of Manaus. Meanwhile, China is rushing to build a massive quarantine camp. CBS News foreign correspondent Ian Lee joined "CBSN AM" from London with those stories.

WorldView: Italy's PM wins crucial vote to stay in power; Jack Ma makes first appearance in months The Italian prime minister won a crucial vote in the country's Senate to stay in power. Also, tech billionaire Jack Ma made his first appearance since October, and officials are being warned of a looming shortage of oxygen supplies in the Brazilian city of Manaus. Meanwhile, China is rushing to build a massive quarantine camp. CBS News foreign correspondent Ian Lee joins CBSN AM from London with those stories.

FILE - In this Oct. 12, 2018, file photo, Chairman of Alibaba Group Jack Ma speaks during a seminar in Bali, Indonesia. The normally voluble Ma disappeared from public view after he irked regulators by criticizing them in an Oct. 24 speech at a Shanghai conference. In his October speech, Ma complained regulators had an antique “pawnshop mentality” and were hampering innovation, according to Chinese media. In the video Wednesday, Ma, wearing a blue sweater over a white T shirt and gray trousers, smiled and waved to viewers. It included a scene the video said showed Ma visiting a school supported by his foundation on Jan. 10.

GUANGZHOU, China — Alibaba founder Jack Ma has emerged after weeks out of the spotlight, which sparked speculation about his whereabouts as his companies face increased regulatory scrutiny. In a video posted on Chinese social media, Ma addressed rural teachers as part of one his charity foundation's initiatives. The annual event, which is usually hosted in the resort city of Sanya, sees the Jack Ma Foundation celebrate the achievements of rural teachers who are awarded cash support. "Jack Ma participated in the online ceremony of the annual Rural Teacher Initiativeevent on January 20," a spokesperson for the Jack Ma Foundation said. In October, Ma made some comments that appeared critical of China's financial regulator.

The conglomerates' shares slid around 4% on the Hong Kong stock exchange after the Journal said officials were considering prohibiting Americans from investing in the firms. U.S. officials have been discussing expanding the executive order to expand the blacklist, the Journal's sources said. When the Hong Kong stock exchange closed, Tencent's share price was down 4.69% to 568.5 Hong Kong dollars, while Alibaba's share price was down 3.91% to 221 Hong Kong dollars. Trump signed the initial executive order shortly after losing the 2020 presidential election to Joe Biden and it is already having consequences. The New York Stock Exchange confirmed on Wednesday that it plans to delist China Mobile, China Telecom and China Unicom.

Beijing — The co-founder and former chairman of Chinese tech giant Alibaba, Jack Ma, has been conspicuously absent from public view for more than two months. Ma leveled the criticism about a week before a highly anticipated IPO of Alibaba's financial affiliate, Ant Group. Days later, Ma and Ant Group executives were summoned and interviewed by Chinese regulators. Chinese regulators have criticized Ant Group for edging rivals out of the market, accusing it of harming consumer rights. Jack Ma, co-founder of Chinese e-commerce giant Alibaba, gestures during a visit to the Vivatech startups and innovation fair in Paris, May 16, 2019.

A card displaying QR codes to pay electronically with WeChat Pay and Alipay sits on a vendor's table at a farmer's market in Beijing, Tuesday, Oct. 27, 2020. China is accusing Washington of misusing national security as an excuse to hurt commercial competitors after President Donald Trump signed an order banning transactions with payment services Alipay and WeChat Pay and six other apps. Tuesday's order escalated a conflict with Beijing over technology, security and spying accusations that has plunged U.S.-Chinese relations to their lowest level in decades. Trump’s order cites unspecified concerns about apps collecting Americans’ personal and financial data and turning it over to China’s communist government. WeChat Pay is operated by rival tech giant Tencent.

Alibaba founder Jack Ma is not missing following speculation about his whereabouts, CNBC reported Tuesday. Ma is reportedly "lying low for the time being" as the Chinese Communist Party cracks down on Alibaba and Ma's financial tech firm, Ant Group. Over the weekend, Yahoo Finance reported that Ma had been missing from the public eye for two months after China pulled Ant Group's IPO in early November. "If they want to do it, it's related with the national security, we'll work together. I believe Google has to with the national security of the USA, Facebook has to do it.

Alibaba founder Jack Ma is not missing following speculation about his whereabouts, CNBC reported Tuesday. Ma is reportedly "lying low for the time being" as the Chinese Communist Party cracks down on Alibaba and Ma's financial tech firm, Ant Group. Over the weekend, Yahoo Finance reported that Ma had been missing from the public eye for two months after China pulled Ant Group's IPO in early November. "If they want to do it, it's related with the national security, we'll work together. I believe Google has to with the national security of the USA, Facebook has to do it.

Jack Ma: A look back at the Alibaba founder on 60 Minutes in 2014 Jack Ma told 60 Minutes about his relationship with the Chinese government and what he would do if the government asked for Alibaba’s user data.

Micron — Micron shares popped more than 6% after a Citi analyst upgraded the chipmaker to buy from sell, citing a favorable supply-and-demand outlook. China Telecom, China Mobile, China Unicom — Shares of the three Chinese telecom giants popped after the New York Stock Exchange said it no longer plans to delist the stocks from their exchange. Shares of China Telecom and China Mobile rose more than 9% each. The Wall Street firm said earnings and revenue have already peaked for this cycle. The Wall Street firm said the Covid-19 recovery is not fully priced into Uber's stock.

After reports speculating about Alibaba founder Jack Ma's whereabouts, CNBC's David Faber reported Tuesday that the billionaire is not missing, according to a person familiar with the matter. Instead, Ma has been lying low for the time being, Faber reported. Shortly after, Ma's Ant Group saw its record-setting initial public offering suspended by stock exchanges in Shanghai and Hong Kong. Ma and two Ant Group executives were summoned and interviewed by regulators in China, the China Securities Regulatory Commission said in a November statement. Subscribe to CNBC on YouTube.

FILE - In this May 15, 2019, file photo, founder of Alibaba group Jack Ma arrives for the Tech for Good summit in Paris. (AP Photo/Thibault Camus, File)BEIJING – China’s best-known entrepreneur, e-commerce billionaire Jack Ma, made his fortune by taking big risks. That has prompted a flurry of speculation about what might happen to Ma, China's biggest global business celebrity and a symbol of its tech boom. “The Jack Ma Era is ended,” wrote a blogger under the name Yueyue Talks Technology. Jack Ma dresses up in a leather jacket, sunglasses and wig to perform rock songs at Alibaba's annual employee festival in a Hangzhou.

Chinese regulators on Thursday, Dec. 24, 2020 announced an anti-monopoly investigation of e-commerce giant Alibaba Group, stepping up official efforts to tighten control over China's fast-growing tech industries. (AP Photo/Ng Han Guan)BEIJING – Chinese regulators on Thursday announced an anti-monopoly investigation of e-commerce giant Alibaba Group, stepping up the ruling Communist Party’s efforts to control fast-growing tech industries. The ruling party says anti-monopoly enforcement, especially in tech industries, will be a priority next year. “Reports of platform monopoly problems are increasing by the day,” the ruling party newspaper People's Daily said in a commentary about the Alibaba probe. Alibaba said revenue rose 30% over a year earlier in the three months ending in September to 155.1 billion yuan ($23.4 billion).

Chinas market regulator will increase scrutiny and regulation around the community group buying industry in China, summoning some of its largest tech companies involved to discuss the matter as it looks to eradicate anti-monopoly practices in the industry. In a statement on Tuesday, Dec. 23, 2020, Chinas State Administration for Market Regulation said it had held a meeting with six internet platform companies, including e-commerce firms Alibaba, JD.com and Pinduoduo, to discuss the regulation of community group buying. (AP Photo/Firdia Lisnawati, File)HONG KONG – China is ramping up its scrutiny of the practice of community group buying, summoning some of the nation's largest tech companies for discussions as part of an anti-monopoly push. Community group buying allows groups of people living in the same town or region to buy groceries and other items in bulk at a discounted rate, a growing practice that is being facilitated by big tech companies. The Administration for Market Regulation also warned against illegally collecting and using customer data.

The SoftBank Vision Fund has taken its share of lumps over the past year, but it can count its DoorDash investment as a huge success. The $100 billion Vision Fund invested in DoorDash four times, pumping $680 million into the company in Series D, F, G and H rounds. Based on DoorDash's Wednesday opening price of $182 per share, that investment is now worth $11.5 billion — an almost 17x gain. SoftBank valued the first Vision Fund at $76.4 billion at its earnings announcement, about equal to the $75 billion the Vision Fund paid for its 83 investments. The $280 million Series D investment valued DoorDash at $5.50 per share, according to company filings.

Jack Ma, founder of Alibaba Group, attends opening ceremony of the 3rd All-China Young Entrepreneurs Summit on September 25, 2020 in Fuzhou, Fujian Province of China. Lyu Ming | China News Service via Getty ImagesSINGAPORE — China's latest antitrust push will not likely lead to a "sudden explosion of cases" against online platforms, according to legal expert Angela Zhang. Her comments came after shares of Chinese tech giants like Alibaba, Tencent and Meituan were rattled earlier in November following the release of draft rules by Beijing that defined for the first time what constitutes anti-competitive behavior. We shouldn't expect ... a sudden explosion of cases against these online platforms. Angela Zhang associate professor of law, Center for Chinese Law at The University of Hong KongFirstly, such investigations typically involve a "lengthy process" and Chinese agencies could take a long time to complete an investigation, Zhang said.

He said he initially targeted about $40 billion of asset sales this year but ended up selling off about $80 billion of companies to give the company liquidity in case of a global emergency. If markets dip, SoftBank could use the money to buy undervalued assets, shore up its portfolio investments in the SoftBank Vision Fund, or buy back more stock, Son said. SoftBank's Vision Fund owns stakes in more than 80 different technology companies. He said the largest U.S. technology companies shouldn't be broken up just because their market valuations are large. SoftBank has invested in some of the largest U.S. technology companies in recent months.

Like in the U.S., China's tech sector has expanded via a largely unencumbered path. On the other hand, Beijing has long struggled with how to fit big tech into the socialist market economy." Past Chinese regulationIn China, the services offered by the top tech companies are essential for daily living. "Chinese regulators face the same challenge. How will it affect Chinese tech giants?

The stock fell 1.7% in premarket trading as of 7:33 a.m. However, Lyft reported better than expected revenue for the quarter and also said it was working on developing a new food delivery service. The shares rose 5% in premarket trading as of 7:33 a.m. The stock dropped 15% in premarket trading as of 7:33 a.m. Tencent Music (TME) – Tencent Music reported better than expected profit and revenue for its latest quarter, boosted by growth in paying users for its music streaming service.

Jack Ma, CEO of Chinese e-commerce giant Alibaba, speaks during his visit at the Vivatech startups and innovation fair, in Paris on May 16, 2019. SINGAPORE — Shares of China's top technology giants were battered on Wednesday as regulatory concerns continue to mount. By the Wednesday market close in Hong Kong shares of Alibaba listed in the city plunged 9.8% while Tencent dropped 7.39%. E-commerce giant JD.com also saw its stocks plummet 9.2%. The moves were possibly further exacerbated by a global rotation out of tech stocks seen globally in recent days.

New Delhi — India and China — two of Asia’s biggest economies — are tightening their regulatory norms to closely monitor the expansion of fintech firms in their countries. Ant Group then issued a statement announcing that it was suspending its Hong Kong listing plans. The new guidelines require the $300 billion Ant Group to provide at least 30 percent of the funding for loans from its own books. In other Asian economies, too, fintech firms face stringent regulatory oversight. Deloitte’s Asia-Pacific financial services regulatory outlook 2019 refers to increasing focus on oversight.

In this Friday, Oct. 23, 2020 photo, the figure of Ant Group's mascot is displayed at the Ant Group office in Hong Kong. In an unusual move, it was due to trade in both Shanghai for mainland investors and in Hong Kong for international buyers. Alipay was split off from Alibaba in 2011 and evolved into Ant Group. “This reminds us of how unpredictable China is,” said Au Yeung, who works in finance in Hong Kong. Zhang Yuan, a bank employee in Shenzhen, near Hong Kong, said she paid 34,400 yuan ($5,100) for 500 shares of Ant Group.

In this Friday, Oct. 23, 2020 photo, the figure of Ant Group's mascot is displayed at the Ant Group office in Hong Kong. China's Ant Group will try to raise nearly $35 billion in its initial public offering in Shanghai and Hong Kong, which would make it the largest share offering in history. No further details about the meetings were disclosed by the authorities or Ant Group, although such a move by regulators is typically seen as a warning or dressing down of sorts. “Views regarding the health and stability of the financial sector were exchanged,” Ant Group said in a statement. Alibaba owns a third of Ant Group and spun off Alipay in 2011.

The world's largest fintech company, China's Ant Group, will try to raise nearly $35 billion in a massive public offering of stock that would shatter records. To tap both Chinese and global investors, Ant Group is listing its shares both in Shanghai and Hong Kong. Even before announcing its IPO plans, Ant Group was the world’s most valuable fintech company, with a valuation of $150 billion after a 2018 fundraising round. “Ant Group is much more than PayPal which only processes financial payments. Alibaba, which currently owns a third of Ant Group, spun off Alipay in 2011.

In this undated handout photo issued by WWF on Saturday, Sept. 26, 2020, British Naturalist Sir David Attenborough, sits with Prince William for a private outdoor screening of his upcoming film, David Attenborough: A Life On Our Planet, at Kensington Palace, London. William, who has been immersed in environmental issues all his life, said the same resources used to tackle the coronavirus pandemic should be devoted to saving the natural world. “According to the experts, it really is the point of no return," he told Sky News. “It’s a matter of great urgency now.”William also spoke about how his seven-year-old son, Prince George, is getting concerned about what's going on in the world. He said his son was left so saddened by an Attenborough documentary about extinction that he told his father “I don’t want to watch this anymore."

Son, the chief executive of Japanese technology company SoftBank Group Corp. said Thursday, June 25, 2020, that he is stepping down from the board of Chinese e-commerce giant Alibaba. (AP Photo/Shizuo Kambayashi)TOKYO Masayoshi Son, the chief executive of Japanese technology company SoftBank Group Corp., said Thursday that he is stepping down from the board of Chinese e-commerce giant Alibaba. Last month, Alibaba founder and Chinese billionaire Jack Ma left SoftBank's board. Earlier, SoftBank announced three new board members, including SoftBank Chief Financial Officer Yoshimitsu Goto and Waseda University professor Yuko Kawamoto. He is also chief executive of Cadence Design, a U.S. electronic design automation software and engineering services company.

(AP Photo/Mukhtar Khan)NEW DELHI: India reported a new rise of nearly 10,000 coronavirus infections Wednesday, with a total caseload of 276,583, the fifth highest in the world. The Health Ministry confirmed 9,985 new cases and 274 deaths in the last 24 hours. The figures from the Korea Centers for Disease Control and Prevention on Wednesday brought national totals to 11,902 cases and 276 deaths. ___BEIJING With much of the country re-opened under safety measures, China has announced three new confirmed cases of coronavirus, all brought from outside the country. China has reported a total of 4,634 deaths among 83,046 cases of COVID-19 since the virus was first detected in the central Chinese city of Wuhan late last year.

Ma's foundation also is giving ventilators, masks and other supplies in Africa, Latin America and Asia. The pandemic marks the debut of China's business elite as global humanitarian donors alongside their American, European and Japanese counterparts. Ma, Alibaba and other Chinese companies and tycoons are donating hundreds of millions of dollars of medical supplies, food and cash in dozens of countries. American companies including Walmart Inc. and Amazon.com Inc. have given medical supplies and money in Africa, India and Latin America. The company provides free online medical and psychological counseling services worldwide.

Japanese technology company SoftBank Group Corp. racked up a loss of 961.6 billion yen ($9 billion) for the fiscal year through March, on red ink related to its Vision Fund investments, including troubled office space-sharing venture WeWork. (AP Photo/Eugene Hoshiko)TOKYO Japanese technology company SoftBank Group Corp. racked up a loss of 961.6 billion yen ($9 billion) for the fiscal year through March, on red ink related to its Vision Fund investments including troubled office space-sharing venture WeWork. Tokyo-based SoftBank had reported a profit of 1.4 trillion yen the previous fiscal year. SoftBank announced three new board members, including SoftBank Chief Financial Officer Yoshimitsu Goto and Waseda University professor Yuko Kawamoto. Also Monday, SoftBank said it was buying back its own shares, of up to 500 billion yen ($4.7 billion) in value, to shore up its bottom line.

TOKYO Chinese billionaire Jack Ma is stepping down from the board of SoftBank Group Corp., as the Japanese technology company struggles over its risky investments such as office-sharing venture WeWork. Tokyo-based SoftBank announced Ma's resignation Monday, ahead of releasing financial results. SoftBank announced three new board members, including SoftBank Chief Financial Officer Yoshimitsu Goto and Waseda University professor Yuko Kawamoto. He is also chief executive of Cadence Design, a U.S. electronic design automation software and engineering services company. Ma, who joined the SoftBank board in 2007, has a close relationship with SoftBank founder and Chief Executive Masayoshi Son.

(Lifebank)(CNN) - A Nigerian entrepreneur has taken home the top prize at the Jack Ma Foundation's first annual prize for African businesses. The organization says it will award a $1m grant to 10 African entrepreneurs every year for the next 10 years. At the event, Giwa-Tubosun spoke about LifeBank's findings while researching the best situations to use drones for blood delivery. A recent partnership with Google enabled the company to incorporate Google maps into its mobile application, mapping out locations connecting doctors, blood banks, hospitals, and dispatch riders. The drones are programmed to automatically pick up samples from blood banks and deliver to laboratories or hospitals without any form of human control.

HONG KONG - Hong Kong's financial markets are getting a boost of confidence from Alibaba's multibillion-dollar public offering. Alibaba first announced plans for its secondary listing in Hong Kong earlier this week, and hopes to raise up to $13 billion through the sale. "During this time of ongoing change, we continue to believe that the future of Hong Kong remains bright. We hope we can contribute, in our small way, and participate in the future of Hong Kong." Alibaba first went public in 2014, raising $25 billion on the New York Stock Exchange and shattering records as the largest IPO in history.

Andrew Burton/Getty Images(CNN) - Chinese e-commerce giant Alibaba has announced plans to raise up to $13.4 billion by issuing shares in Hong Kong, a vote of confidence in the Asian financial hub that has been rocked by months of civil unrest. Alibaba said in a stock market filing Wednesday that it wants to use a secondary listing in Hong Kong to fund its continued expansion into online travel, delivery and media. Alibaba will price 500 million new shares on or around November 20, with trading starting in Hong Kong roughly four business days later. The listing would surpass AB InBev's roughly $5 billion IPO of its Asia business in Hong Kong earlier this year as well as Uber's $8.1 billion debut in New York, the year's biggest so far. The offering is the latest sign that investors and companies have not been scared away by months of protests in Hong Kong, which recently sank into its first recession in a decade.

In a video posted to Twitter Sunday, Philippines boxing legend Manny Pacquiao and Alibaba founder Jack Ma challenged Floyd Mayweather to a fight. "Floyd Mayweather, if you want a real fight, fight me. He then calls them "The Real Manny Team," an apparent play on a lifestyle brand founded by Mayweather, The Money Team. Ma retired from the Chinese e-commerce giant last month, saying he wanted to pursue his other passions, like education. Yet while Ma is clearly in shape, a Mayweather fight is a different matter entirely.

HANGZHOU, China - Jack Ma, the billionaire who ushered e-commerce into China, is officially stepping down as Alibaba's executive chairman on Tuesday. After two decades building Alibaba into a $460 billion business, Ma is now pivoting full time to philanthropy. "Jack has been signaling for some time his interests in philanthropy, environment, women's empowerment, education and development," said Duncan Clark, the author of "Alibaba: The House That Jack Ma Built." The eager teacher"Before I'm 70 years old, I can do something in other fields, in areas like education," Ma said at an Alibaba event last September. A Communist Party member, Ma is China's most famous entrepreneur and with a fortune of nearly $40 billion the country's richest man.

HONG KONG - Alibaba has delayed plans to list its stock in Hong Kong, according to Reuters. The Chinese tech company already trades publicly in New York, but was reported to have been considering a second listing that Reuters said could raise as much as $15 billion. The news organization cited two anonymous sources who attributed the decision to postpone the listing to "the lack of financial and political stability" in Hong Kong. Alibaba decided to list in the United States five years ago after negotiations with Hong Kong broke down. Hong Kong is still the best place for Alibaba to list, said Kenny Tang, chief executive of investment firm Royston Securities.

ChinaFotoPress/ChinaFotoPress via Getty ImagesHANGZHOU, China - Alibaba said Tuesday it is opening up the Alibaba.com platform, allowing American companies to sell their products to small- and mid-sized business buyers around the world. That will help Alibaba better compete with Amazon and Shopify, which already have a thriving marketplace for large companies to sell to business customers across the globe. Previously, American businesses could buy only on the Alibaba.com platform. "So we are interested in building an ecosystem of relationships and companies that are helping US small businesses be successful." Opening a Chinese e-commerce platform to American businesses at a time when isolationist economic policies are on the rise may seem surprising.

iStock/liveslowHANGZHOU, China - China's national women's soccer team just got a big boost from online payments app Alipay. It is the biggest investment in women's soccer in China ever, according to Alipay. Alipay wants to bring "technology, funds and resources to better support the development of women's soccer in China," a spokesman for the company said on Monday. Gianni Infantino, president of global soccer's governing body FIFA, said the organization will double it for the next women's World Cup in 2023. The company wants to be the "strongest advocate" for China women's soccer, CEO Eric Jing said in a statement Friday.