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Jack Ma to step down as head of business school he founded, amid clampdown ANI | Updated: May 25, 2021 09:21 IST
Hong Kong, May 25 (ANI): Chinese billionaire Jack Ma will be stepping down as the President of Hupan, an elite business school he founded, suggesting a further retreat from public life by Beijing s most prominent entrepreneur in the face of government pressure on the tech industry.
Citing anonymous sources, the Financial Times reported on Monday that Ma will no longer serve as the President of Hupan, which he created in 2015 with the vision of turning it into a 300-year enterprise that would become a worldwide name for entrepreneurial education.
Chinese billionaire Jack Ma will be stepping down as the President of Hupan, an elite business school he founded, suggesting a further retreat from public life
Jack Ma to step down as president of his business school
Tuesday May 25 2021
Jack Ma, co-founder and former executive chair of Alibaba Group, speaks during the Forbes Global CEO Conference in Singapore on October 15, 2019. PHOTO | AFP
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Jack
Ma, founder of e-commerce giant Aibaba, is going to step down as president of the elite business school he founded after having been caught in a Beijing clampdown on tech titans, the Financial Times reported Monday.
Ma, formerly one of China s most flambouyant entrepreneurs, has largely disappeared from public view since Alibaba s fintech arm was investigated and fined by regulators for alleged monopolistic practices.
Crackdown begins on business use of ‘university’ title
China’s ministry of education and eight other government departments overseeing business affairs this month announced a crackdown on the use of the word ‘university’ or ‘college’ for training institutions founded by business enterprises. The institutions were ordered to “rectify” their names.
The move comes as prestigious institutions and business schools founded by prominent businessmen have come under scrutiny as part of investigations into their business dealings, coupled with a proliferation of unregistered and unlicensed institutions.
“Some training institutions founded by enterprises and social organisations fraudulently used ‘university’ and ‘college’ in their names to encourage enrolments and promote themselves without getting approval. That has led to public misunderstanding and disorder in the education sector,” a new guideline issued by the ministry said in its circular dated 13 May.