Alibaba Group Holding Limited BABA co-founder, Jack Ma's unexpected visit to Pakistan bred investor speculation over possible business opportunities in the country, including visits to trade centers and meetings with prominent business people and officials from various chambers of commerce.
Ma arrived in Lahore on June 29 and remained there for approximately one day, Mint reports.
He refrained from engaging with government officials and members of the media. During his stay, Ma stayed at a private location and departed from Lahore on June 30 using a private jet provided by Jet Aviation.
A delegation of seven business people comprising five Chinese nationals, one Danish, and one U.S. citizen accompanied Ma. They arrived in Pakistan from Nepal via a chartered flight from Hong Kong's business aviation sector.
Former Chairman of the Board of Investment (BOI), Muhammad Azfar Ahsan, said that the purpose of Ma's visit remains confidential.
Before Pakistan, Ma's visit to Kathmandu was acknowledged as a "business trip."
After criticizing China's banks and regulators, Ma disappeared from public view between October 2020 and January 2021.
China's regulatory crackdown on the tech sector followed by the pandemic outbreak had significant repercussions on the companies, with Alibaba finally opting for an organizational restructuring.
Ma reportedly played a pivotal role in Alibaba's restructuring into six divisions, followed by a reshuffle in management.
Price Action: BABA shares closed lower by 0.24% at $83.35 on Friday, and were up 1.9% during premarket trading on Monday.
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