Jack Ma makes rare speech at Ant Group’s 20th anniversary, predicts AI-driven future

The Chinese entrepreneur addresses the fintech giant for the first time since it withdrew its mega IPO in 2020

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Jack Ma, founder of Alibaba Group Holding and Ant Group. Photo: Handout

Published: 10:15am, 9 Dec 2024Updated: 10:05pm, 9 Dec 2024

Jack Ma, the founder of Alibaba Group Holding, gave a rare public speech at the 20th anniversary of the company’s fintech business, saying he had faith in the “next 20 years of Ant” and expects “more miracles”, according to Chinese media reports and people who were there.

Ma’s attendance at the evening event on Sunday was the first time he had addressed Ant Group since it withdrew its mega initial public offering (IPO) in Hong Kong and Shanghai in November 2020.

Early last year, the Chinese entrepreneur distanced himself from Ant by promising to cede control of the fintech giant. At the end of 2023, China’s central bank declared that Ant’s mobile payments platform Alipay had “no actual controller”.

Alibaba owns the South China Morning Post.

Jack Ma attends the 20th anniversary celebration of Ant Group with chairman Eric Jing Xiandong (right) and co-founder Peng Lei (left). Photo: 36Kr

In his brief speech, Ma, one of Ant’s founders, congratulated the company’s achievements. While he has resigned from corporate roles and kept a low profile in recent years, Ma is still regarded as the spiritual leader of the business empire he created and a face of China’s private sector.

“Twenty years ago, the internet had just begun, and my generation was fortunate to seize the opportunities offered by the internet,” Ma said. “From today’s perspective, the changes brought by artificial intelligence in the next 20 years will go beyond everyone’s imagination, as AI will bring a greater era.”