Yes, but Ma had to sell his shares because American hedge funds were using its ADRs to short the Chinese market.
BABA is the poster child of how corrupt Wall Street is: It has an analyst price appraisal of $260, it's trading at a $100 discount and no one knows why even though the company keeps beating earnings time and time again.
It's a one-two punch that eventually the retail folk end up paying for. It's a disgrace. It's similar to what is happening to Tesla or BYND, two cutting edge companies that will dominate their fields in 10-15 years time and are being subjected to extreme shorting pressure that isn't trading related but has more to do with conventional (oil, car making and beef/chicken) companies betting against these new industries so as to buy themselves another 5-10 years to assess how deep in bullshit territory they are. At one point, BYND had a short to daily float percentage of 65%, even though borrow rates were in the 400% category. And, of course, the SEC saw nothing of this. So, it's no surprise the Chinese authorities are stepping in: they are going to cancel the ADRs and issue CDRs. So there you go, can't play with the toy anymore.
It's all SEC's fault. No one else's. The SEC's.
