Jack Ma will step down as president of Hupan University, an elite enterprise academy he co-founded six years in the past, amid stress from Beijing, the Financial Times reported.
The transfer comes as Chinese authorities crack down on the affect of the billionaire co-founder of Alibaba Group Holding Ltd., the newspaper mentioned, citing folks conversant in the matter. Ma abruptly fell from grace after blasting monetary regulators in a public speech final October. Since then, his highly-anticipated preliminary public providing by Ant Group Co. has been placed on maintain, and Ma has largely stayed out of public view.
Hupan University, a coaching program for executives and entrepreneurs situated in Hangzhou, Ma’s hometown, had just lately modified its identify to Hupan Innovation Center, dropping the phrase “university” as a result of it isn’t a degree-granting academic establishment. The college will even restructure its curriculum as a result of authorities had been involved that Ma was constructing a community at odds with the Communist occasion’s targets, the FT reported.
Ma was intent on remaining linked to the college, the newspaper mentioned, however would not maintain any high-level official title. Hupan had suspended enrollment of recent pupil earlier, the paper mentioned.
Alibaba referred the FT’s inquiries to Hupan, which did not reply requests to the newspaper for remark.
(Except for the headline, this story has not been edited by LiveNews360 employees and is printed from a syndicated feed.)