{"id":172081,"date":"2023-11-22T08:00:00","date_gmt":"2023-11-22T00:00:00","guid":{"rendered":"https:\/\/www.mediaintel.asia\/?p=927684"},"modified":"2023-11-22T08:00:00","modified_gmt":"2023-11-22T00:00:00","slug":"alibaba-exec-moves-to-quell-staff-concern-over-jack-ma-share-sale-with-internal-post","status":"publish","type":"post","link":"https:\/\/www.chinalegalblog.com\/en\/2023\/11\/22\/alibaba-exec-moves-to-quell-staff-concern-over-jack-ma-share-sale-with-internal-post\/","title":{"rendered":"Alibaba exec moves to quell staff concern over Jack Ma share sale with internal post"},"content":{"rendered":"
\"MediaIntel.Asia\"<\/a><\/div>\n

A top Alibaba executive told staff on Wednesday that it was a \u201ccoincidence\u201d that a plan by former chief Jack Ma\u2019s family trust to sell some shares in firm was disclosed on the same day the firm scrapped its cloud unit\u2019s listing.
\nIn a move seen as an effort to quell ongoing unease within the e-commerce giant, Jiang Fang, an Alibaba partner and its chief talent officer, said in an post on the firm\u2019s intranet seen by Reuters that Ma\u2019s office had earlier this year made a plan to sell some shares to reinvest in agriculture and public welfare projects.
\nThey were required by U.S. securities rules to disclose the plan by mid-November, she said.
\n\u201cNov. 16 happened to be the disclosure time set, but the stockbrokers did not know that this day was the day when the company was set to release its financial report,\u201d Jiang said, adding that the \u201ccoincidence\u201d had created a \u201csevere misunderstanding\".
\nInvestors wiped some $20 billion off Alibaba\u2019s market value last Friday after the company abruptly scrapped plans to spin off its cloud and groceries businesses.
\nAnalysts also said a regulatory filing that came out hours before the disclosure saying that Ma\u2019s family trust intended to sell 10 million American Depository Shares in Alibaba hurt sentiment as it raised eyebrows about Ma\u2019s commitment to the future of the company he co-founded.
\nTwo company sources told Reuters that Ma\u2019s move had generated a lot of discussion within the company, as did Jiang\u2019s post. Alibaba and the Jack Ma Foundation, the philanthropic organization that handles media queries for the billionaire, did not immediately respond to requests for comment.
\nIn her internal note, Jiang also repeated comments from Ma\u2019s family office shared with the Alibaba-owned newspaper South China Morning Post on Friday that Ma remained \u201cvery positive\u201d about Alibaba and that his family trust eventually did not sell a single share.
\nJiang also said rumours that the company was going to lay off 25,000 people were untrue, adding that Alibaba had filed a police report over the matter.
\nAlibaba in March announced plans to carve out the cloud business as part of a restructuring, the biggest in its 24-year history, that broke the company up into six units.
\nThe company has also been grappling with some upheaval in its top ranks, welcoming a new CEO, Eddie Wu, in September. That same month, former group CEO Daniel Zhang abruptly quit his position as cloud unit head, just two months after announcing his new focus would be cloud computing.<\/p>\n

This data comes from MediaIntel.Asia's Media Intelligence and Media Monitoring Platform<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

A top Alibaba executive told staff on Wednesday that it was a \u201ccoincidence\u201d that a plan by former chief Jack Ma\u2019s family trust to sell some shares in firm was disclosed on the same day the firm scrapped its cloud unit\u2019s listing.
\nIn a move seen as an e…<\/p>\n","protected":false},"author":253,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[934,46,144,936,49,671,194,493,1108],"tags":[1772,10315,8864],"class_list":["post-172081","post","type-post","status-publish","format-standard","hentry","category-agriculture","category-alibaba","category-china","category-cloud-computing","category-e-commerce","category-finance","category-news-chinese-law","category-online-shopping","category-police","tag-jack-ma","tag-media-intelligence","tag-news-media"],"_links":{"self":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts\/172081","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/users\/253"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/comments?post=172081"}],"version-history":[{"count":1,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts\/172081\/revisions"}],"predecessor-version":[{"id":172082,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts\/172081\/revisions\/172082"}],"wp:attachment":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/media?parent=172081"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/categories?post=172081"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/tags?post=172081"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}