“But for Ant and Jack,there’s no line drawn yet,” he said.

Alibaba declined to comment on Ma,and his foundation did not immediately respond to a request for comment.

Conspicuous absence

Ma’s absence from public view became conspicuousuntil he surfaced for the first time in three months in late January,speaking to a group of teachers by video,which sent Alibaba shares surging. He has continued to keep an extremely low profile.

“He’s playing a lot of golf and improving his handicap,” said one person who knows him.

A former English teacher,Ma co-founded Alibaba in 1999 from a shared apartment in the eastern city of Hangzhou,ultimately building a colossus that spans e-commerce,financial services,cloud computing and even supermarkets,making him China’s most famous businessman.

He was also China’s richest,until the clampdown knocked him back to fourth place on the Hurun Global Rich List published in March,although Ma and his family’s wealth still grew last year by 22 per cent to 360 billion yuan,according to the list.

It’s crucial for Chinese entrepreneurs to be low-key. Don’t speak casually. And don’t say anything wrong

Edward Chen,chairman of Shanghai-based fintech consultancy China Rising Group

As of last July,he owned 4.8 per cent of Alibaba.

In 2018,Ma was revealed to be a Communist Party member by its official newspaper,debunking a public assumption that he was politically unattached.

‘Arrogance discount’

Ma has often been described in Chinese media as a source of national pride and even legend. His global prominence made him an almost-diplomatic figure. Countless books have been published on Alibaba’s founding and Ma’s business tactics.

Ma-isms such as “Today is hard,tomorrow will be worse,but the day after tomorrow will be sunshine”,are common in Chinese business circles. In Hangzhou,small firms have been known to set up altars adorned with images of Ma to bring good fortune.

But in a February snub,Ma was left off a list of Chinese entrepreneurial leaders published by state media.

Franklin Chu,president of Sage Capital in Rye,New York,noted that Alibaba shares are trading at a 30 per cent discount to their 52-week high.

“I call this the ‘Jack Ma arrogance discount,’ combined with the recent round of China-bashing coming out of Washington,” he said.

Alibaba,he said,“needs to work hard to re-establish an accommodative relationship with its regulatory handlers.”

Since stepping back from the company,Ma has sought to focus his time on philanthropy and education,including his charitable trust,the Jack Ma Foundation,and two schools in Hangzhou.

Ma was an active conference participant,making at least 12 appearances in 2019 before the COVID-19 pandemic began. In March 2020,he opened a Twitter account - the platform is blocked in China - which mainly tweeted about his foundation’s COVID-19 prevention efforts. Its last tweet was on October 10.

“It’s crucial for Chinese entrepreneurs to be low-key. Don’t speak casually. And don’t say anything wrong,” Edward Chen,chairman of Shanghai-based fintech consultancy China Rising Group,said in a social media video post.

“Prudence in words and action is the No. 1 priority so that Chinese entrepreneurs can live longer.”

Reuters