Alibaba Group executive chairman Jack Ma speaks during the opening of the group’s first Southeast Asian office in Bangsar South, Kuala Lumpur June 18, 2018.
“Hupan is like an elite community, it’s one of main targets,” one person who worked with Ma was quoted as saying by theViral videos circulating on Chinese social media earlier this month showed construction workers using a blow torch to remove characters on a large “Hupan University” sign. also reported last month that Hupan University was forced to suspend new student enrolments 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widely believed to be triggered by an October speech by Ma where he criticised state financial institutions for being outdated.