Nov 03, 2021 (WallStreetPR via Comtex) -- Alibaba Group Holding Ltd /zigman2/quotes/201948298/composite BABA -4.84% is seeing a steady rise in shareholder value. This increase comes after the company bottomed out in October 2020 following a speech made by its founder Jack Ma.
Jack Ma's speech caused a government crackdown on major Chinese companies
The speech, which condemned regulations that stifled innovation and called on the Chinese government to find systems that accommodated development, resulted in a crackdown by the government. Chinese Authorities suspended Ant Group's previously planned listing in October 2020. Alibaba Group owns ant Group.
As a result of the crackdown, which affected many prominent big tech firms and other industries, Alibaba lost $344 billion in market capitalization. This amount has so far been the largest wipeout of shareholder value in the tech industry. Chinese stock also tanked after numerous regulations by Beijing.
The companies affected by the regulations were SoftBank Group Corp (otcmkts:SFTBY), which lost $40.9 billion, KE Holdings Inc /zigman2/quotes/219982660/composite BEKE -6.54% , which lost $50.3 billion, Zoom Video Communications Inc /zigman2/quotes/211319643/composite ZM -3.81% , which lost $63 billion, Tencent Holdings (otcmkts:TCHEY) which lost $65.4 billion, and Khaishow Technology which lost $104 billion.
Although the company is recovering from its losses, its stock value is still 43% lower than in October 2020. However, stock prices experienced a surge after Ma went to Spain for an agriculture and technology study tour. For many, this trip shows that movement restrictions on Ma may have been lifted.
Li Jiaqi makes a record $1.9 billion in sales on Alibaba's Global Festival
Alibaba also kicked off its 13th annual 11.11 Global Festival. The Festival is the largest so far, with more than 290,000 brand participants. The interface also has the senior mode to enable senior citizens to have easy access. The setting contains simplified navigation, large icons, font size, and voice-assisted technology.
On the first day of the festival Li Jiaqi, a top live stream salesman known as the Lipstick brother, sold $1.9 billion in goods. Jiaqi's sales are a record for the live stream on Taobao, Alibaba's marketplace. The live streamer is known for trying on different makeup products on his show.
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