World
The Surprising Connection Between Jack Ma and Xiao Jianhua
Discover the intriguing ties between Jack Ma, the founder of Alibaba, and Xiao Jianhua, a prominent businessman. Explore how their paths intersect in the complex landscape of Chinese entrepreneurship and finance.
The Hidden Connections of Jack Ma and Xiao Jianhua
In the realm of business within China, few figures have achieved the level of success, fame, and wealth that Jack Ma has. His visionary leadership transformed Alibaba into a global powerhouse, revolutionizing e-commerce and digital finance. However, Ma’s journey has not been without its challenges, particularly regarding his relationship with the Chinese authorities, whom he has often openly criticized. Despite his bold stance, a recent investigation by The New York Times and The Wire China uncovered a surprising twist: a lesser-known businessman, Xiao Jianhua, had been quietly investing in Ma’s enterprises.
Xiao Jianhua, a billionaire with significant ties to China’s political elite, utilized a complex network of shell companies and proxies to engage in business dealings with Ma’s companies over a span of five years. Currently, Xiao is serving a 13-year prison sentence for bribery and corruption, a prominent example of President Xi Jinping’s aggressive campaign against corruption and consolidation of power.
In contrast, Jack Ma has largely withdrawn from the public eye, distancing himself from the companies he once led. A lawyer representing Alibaba firmly stated that Ma “never had any business relationship with Mr. Xiao” and emphasized that “the connections you claim to exist do not have any basis in fact.” Furthermore, two of Ma’s principal partners confirmed that they conducted thorough investigations and found no evidence linking Ma to Xiao.
While Xiao could not be reached for comments, a former senior executive from his now-defunct Tomorrow Group admitted that it was the entity responsible for the investments in Ma’s businesses. “As far as we know,” the executive noted, “Jack Ma was unaware of those deals.”
- The men’s companies were enmeshed in at least $1 billion in deals.
According to an analysis of over 2,000 confidential documents from Tomorrow Group, the connections between Xiao and Ma’s businesses are complex and expansive. The documents reveal that Xiao’s group secured valuable stakes in various ventures linked to Ma, although there is no evidence suggesting that Ma was informed about these transactions.