Alibaba Founder’s Canceled Stock Sale a Sign of China’s Shrinking Private Sector

Jack Ma announced the stock sell-off, only to change direction when Alibaba took a hit. Experts say the canceled plan was symptomatic of China’s economic woes.

Jack Ma, co-founder and former executive chair of Alibaba Group, speaks during the Forbes Global CEO Conference in Singapore on October 15, 2019. Roslan Rahman/AFP via Getty Images

Alibaba founder Jack Ma (Ma Yun), one of China’s richest men, has halted plans for a huge stock sell-off after the company’s stock slid dramatically, according to a memo posted internally at the tech company on Nov. 22.

Nonetheless, analysts say the planned stock sell-off sent a message that Mr. Ma, like the rest of China’s private sector, is feeling the pain of a slumping economy.