The Billionaire Criminal Who Secretly Profited Off Jack Ma’s Deals

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The Billionaire ********* Who Secretly Profited Off Jack Ma’s Deals

A review of more than 2,000 confidential documents shows that Mr. Xiao’s now dismantled company Tomorrow Group secretly secured lucrative shares in an array of Mr. Ma’s companies over a ******* of five years. These business associations were never disclosed, and a former senior executive at Tomorrow Group said, “As far as we know, Jack Ma was unaware” of them.

The deals offer a close-up view of China’s signature brand of capitalism, where well-connected entrepreneurs and those who raise money for them are better off, at least in some cases, not interacting with one another. In almost any other robust economy, the proprietor of a major business would want to develop a relationship with an investor who raised $1 billion, and the investor would want to influence how the money was used.

Not in the China of Mr. Xiao and Mr. Ma.

The documents do not show that Mr. Ma knew about the Xiao investments, and speaking through a lawyer for Alibaba, Mr. Ma said he “never had any business relationship with Mr. Xiao.” The lawyer for Alibaba, in a statement, also said, “As far as Alibaba and its affiliates know, the connections you claim to exist do not have any basis in fact.”

But in one instance involving an Alibaba affiliate, the investigation found, Mr. Ma’s friend and business partner, Huang Youlong, entered into the investment on behalf of Mr. Xiao’s companies. In another deal involving a Hong Kong brokerage firm named in part after Mr. Ma, Mr. Huang and other Xiao associates were the biggest shareholders.

As late as 2020, even as Mr. Xiao sat in detention and Ant was preparing its I.P.O., companies and people in Mr. Xiao’s network held Ant shares with an estimated value of more than $300 million, the investigation found. In a surprise last-minute move, ******** regulators halted the offering and launched investigations into both Alibaba and Ant, which to this day ******** privately held.

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