By Casey Corridor
SHANGHAI (Reuters) – Alibaba (NYSE:) co-founder Jack Ma has penned a uncommon prolonged memo to workers that expresses assist for the web big’s restructuring efforts, an indication that he could also be prepared to take a extra lively position after spending the previous few years out of the highlight.
Alibaba’s Hong Kong-listed shares surged 5.5% in morning commerce after the publish, heading in the right direction for his or her greatest one-day proportion achieve since Feb. 6.
Within the publish, which was roughly a web page lengthy, Ma praised the management of CEO Eddie Wu and chairman Joe Tsai and mentioned the corporate’s cut up into six divisions a 12 months in the past had helped streamline decision-making, making Alibaba extra agile and customer-focused.
Ma, China’s best-known tech entrepreneur, publicly criticised Chinese language regulators in a speech in October 2020, derailing an enormous itemizing by fintech firm Ant Group, which he additionally based. That was adopted by regulatory crackdowns on the Chinese language tech sector with Ma largely withdrawing from public life.
“Our innovation has by no means been to surpass our opponents, however to catch as much as the longer term,” he wrote within the publish. “Innovation is just not about following the pattern, it is a take a look at of your true capacity to outlive.”