Nothing highlights Alibaba’s current problems more than the extraordinary wake-up call from Jack Ma, who founded China’s ecommerce pioneer back in 1999.
“I firmly believe that Alibaba will change and reform,” said the country’s most famous entrepreneur in an internal blog post late last year. “Back to our mission and vision, Ali people, come on!”
The intended rallying cry only served to show how China’s best-known tech group has lost its direction. Once Asia’s most valuable company, it was overtaken in market capitalisation for the first time in November by its Chinese rival PDD Holdings. Its shares are 75 per cent off their peak of three years ago, after a series of regulatory scraps, U-turns over strategy and amid declining staff morale.
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