On the evening of September 16, 2025, Jack Ma appeared at the HHB bar in Alibaba's B District, accompanied by Alibaba executive Shao Xiaofeng, amidst cheers of "Teacher Ma" from the crowd. A loud internal slogan—MAGA (Make Alibaba Great Again)—echoed throughout the Alibaba campus once again. This was not only the latest development in Jack Ma's multiple appearances at the Alibaba campus but was also interpreted by the outside world as a strong signal of his return to Alibaba and increasingly clear signs of behind-the-scenes command. During this return, Jack Ma not only pushed Alibaba to launch up to 50 billion RMB in subsidies to respond to market competition but also fully exposed his grand layout in the Web3 digital asset field through Yunfeng Financial, an important platform of the "Jack Ma system." A financial technology revolution, personally steered by Jack Ma, is unfolding in an unprecedented manner, simultaneously in the Alibaba ecosystem and the Hong Kong market.
- Jack Ma's "MAGA" Plan: The Ambition for Alibaba's Return to the Pinnacle
Jack Ma's return, accompanied by the slogan "MAGA" (Make Alibaba Great Again), signifies that Alibaba is undergoing a comprehensive strategic adjustment and revival.
Hundreds of billions in subsidies to tackle competition: Insiders reveal that the signs of Jack Ma's behind-the-scenes command are clearer, as Alibaba has launched up to 50 billion RMB in subsidies, playing a crucial role in responding to JD's sudden entry into the food delivery market. According to data from Bloomberg in July, Alibaba holds a 43% market share in China's delivery market, closely following Meituan's 47%. Such aggressive subsidies demonstrate Jack Ma's determination to reclaim market share.
Heavy investment in AI and cloud infrastructure: In April 2025, Jack Ma visited Alibaba Cloud headquarters, emphasizing that cloud and AI are at the core of Alibaba. Alibaba also announced an investment of 380 billion RMB (approximately 52.8 billion USD) over the next three years for AI and cloud infrastructure. By August 2025, Alibaba Cloud's revenue grew by 26%, marking the fastest growth in years, with the stock price increasing by 88% this year. Jack Ma stated, "Technology is not just about conquering the stars and the sea, but also about safeguarding the spark in everyone's heart." He emphasized that the responsibility of technologists is not to let AI replace humans, but to make AI better understand and serve humanity.
Restructuring e-commerce operations: The new head of e-commerce, Jiang Fan, has restructured the delivery, restaurant, and logistics businesses, expanding the territory to Singapore and Istanbul, showcasing Alibaba's global ambitions in the e-commerce sector.
Return of the spiritual leader: Although Jack Ma does not hold an official position at Alibaba, he is regarded as a moral authority within the company, with a single word capable of influencing major decisions. His frequent appearances within the company lead employees to view him as the de facto highest decision-maker. He has stated, "Retirement does not mean leaving Alibaba; as long as the company needs me, I will always be here." Now, he has returned to the campus with an employee ID, proving this statement through action.
- Yunfeng Financial: The "Vanguard" of Jack Ma's Web3 Digital Layout
Although Yunfeng Financial is not directly owned by Alibaba, it plays a crucial role in Jack Ma's strategic map, becoming the "vanguard" of his Web3 digital layout.
Surging performance, strong return: On August 28, Yunfeng Financial released its mid-2025 performance report, with a net profit attributable to shareholders of 486 million HKD, a significant increase of 142% compared to the same period last year, delivering the best mid-term performance since its reverse listing. This provides a solid financial foundation for Yunfeng Financial's expansion in the digital asset field.
Strategic reserve of ETH: On September 2, Yunfeng Financial announced that it had used 44 million USD in internal cash to purchase 10,000 Ethereum as strategic reserve assets. This move marks the first significant implementation since the official announcement on July 14 regarding digital currencies and signifies that Yunfeng Financial has officially included mainstream digital assets in its balance sheet.
Deep cooperation with Ant Group: The day before the official announcement of the cryptocurrency purchase, on September 1, Yunfeng Financial announced two major actions: first, a strategic cooperation with Ant Group, and second, an investment in the Pharos public chain, founded by former core members of Ant's blockchain business. The core business of the Pharos public chain is to provide technical support for the smooth "migration" of traditional assets to the blockchain. Ant Group has uploaded over 60 billion RMB (approximately 8.4 billion USD) of energy infrastructure data to the AntChain blockchain and has completed financing for clean energy projects through asset tokenization. The cooperation between Yunfeng Financial and Ant Group will jointly explore the tokenization of real-world assets (RWA) and Web3-related fields, promoting the integration of blockchain with existing financial businesses.
Advantages of Hong Kong licenses: Yunfeng Financial is licensed in Hong Kong and holds the status of a listed financial company, with Jack Ma as a shareholder—Yunfeng Financial can clearly become one of the most trusted partners for Alibaba and Ant Group in their strategic layout for digital currency.
- Jack Ma and Yu Feng: A Closer Business Relationship in the Era of Digital Currency
The market's interpretation of Yunfeng Financial's "300 million bet on Ethereum" news as "Jack Ma bought Ethereum" seems somewhat inaccurate. As personal investments of Jack Ma and Yu Feng, the two previously held 40% and 60% of the shares in the listed company Yunfeng Financial Holdings, respectively. According to the latest mid-2025 report data, "Yunfeng Financial Holdings" holds 91% of Key Imagination, which in turn holds 73.21% of Jade Passion, while Jade Passion, with a 47.25% stake, has become the major shareholder of the Hong Kong-listed Yunfeng Financial. Notably, in the latest financial report, Yu Feng's personal stake in "Yunfeng Financial Holdings" has significantly changed, rising to 70.15%. The business relationship between Jack Ma and Yu Feng seems to have become closer after finding the leverage point in digital currency.
Conclusion:
Jack Ma's strong return not only brings Alibaba the ambition of "MAGA" and the aggressive strategy of hundreds of billions in subsidies but also fully exposes his grand layout in the Web3 digital asset field through the platform of Yunfeng Financial. From strategic reserves of ETH to deep cooperation with Ant Group and the Pharos public chain, the capital of the Jack Ma system is actively exploring RWA tokenization and virtual asset trading services, using Hong Kong as a bridgehead. This financial technology revolution, personally steered by Jack Ma, is unfolding in an unprecedented manner within the Alibaba ecosystem and the Hong Kong market, heralding the arrival of a new Web3 era led by traditional giants.
Related Reading: Yunfeng Financial, under Jack Ma, raises 1.17 billion HKD, fully entering the virtual asset trading market.
Original article: “Jack Ma Makes a Strong Comeback at Alibaba! Unveils MAGA Plan and Grand Digital Asset Strategy”
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