“Hupan is like an elite community, it’s one of main targets,” one person who worked with Ma was quoted as saying by the FT.
The FT also reported last month that Hupan University was forced to suspend new student enrollments after sustained pressure from Beijing to dismantle Ma’s fintech empire. Alibaba’s reprimand is widely believed to be triggered by an October speech by Ma where he criticized state financial institutions for being outdated.