Jack Ma makes a high-profile return to Alibaba, launching the MAGA (Make Alibaba Great Again) initiative. He plans to reclaim market share through substantial subsidies and leverage Yunfeng Financial to strategically reserve Ethereum and tokenize real-world assets (RWA), marking a comprehensive push into the Web3 digital asset landscape.

On the evening of September 16, 2025, Jack Ma was spotted at Alibaba’s HHB Bar in B区, accompanied by senior executives like Shao Xiaofeng, amid cheers from employees calling him "Teacher Ma." The loud chant of “MAGA” (Make Alibaba Great Again) echoed repeatedly within the Alibaba campus. This appearance not only signifies Ma’s latest re-engagement with Alibaba but is also perceived as a clear signal of his behind-the-scenes influence reasserting control. During this period, Ma has driven Alibaba to introduce up to 50 billion RMB in subsidies to counter market competition, while utilizing Yunfeng Financial — a key platform under his influence — to unveil a large-scale deployment in the Web3 digital assets realm. This financial-technology upheaval, led personally by Ma, is unfolding on an unprecedented scale both within Alibaba and Hong Kong markets.

I. Ma Yun’s “MAGA” Plan: Aspiration to Restore Alibaba’s Peak

Ma Yun’s return, embodying the “MAGA” (Make Alibaba Great Again) slogan, heralds a comprehensive strategic adjustment and a revival for Alibaba.

• Billions in subsidies to combat competition： Sources indicate that Ma’s behind-the-scenes influence is becoming more apparent. Alibaba’s rollout of up to 50 billion RMB in subsidies has played a crucial role in responding to JD.com’s sudden entry into the food delivery market. According to Bloomberg data from July, Alibaba holds a 43% share in China’s delivery sector, closely trailing Meituan’s 47%. This aggressive subsidy approach demonstrates Ma’s determination to regain market dominance.

• Focus on AI and cloud infrastructure：In April 2025, Ma visited Alibaba Cloud headquarters, emphasizing cloud computing and AI as core pillars. Alibaba announced a three-year investment of 380 billion RMB (approximately 52.8 billion USD) toward AI and cloud infrastructure. By August 2025, Alibaba Cloud’s revenue grew by 26%, marking its fastest increase in years, with the stock price surging 88% year-to-date. Ma stated, “Technology is not just about conquering the stars and seas but also about igniting sparks in everyone’s heart.” He stressed that tech professionals should see AI as a tool to better serve and understand humans, not to replace them.

• Restructuring e-commerce operations：New e-commerce head Jiang Fan is restructuring delivery services, restaurants, and logistics, while expanding into markets like Singapore and Istanbul, demonstrating Alibaba’s ambition for global e-commerce expansion.

• Spiritual leader’s active presence：Although Ma currently holds no formal position within Alibaba, he is regarded as a moral authority whose opinions influence major decisions. His frequent appearances internally make him appear as the de facto top decision-maker. Ma once said, “Retirement doesn’t mean leaving Alibaba; as long as the company needs me, I’ll always be here.” Now, holding an employee card, Ma’s return to the campus is a practical testament to his words.

II. Yunfeng Financial: Frontline in Ma Yun’s Web3 Digital Strategy

Despite no direct equity linkage between Yunfeng and Alibaba, Yunfeng Financial plays a pivotal role in Ma’s strategic blueprint, serving as a leading force in his Web3 digital asset initiatives.

• Strong financial performance and comeback：On August 28, 2025, Yunfeng Financial released its mid-year report showing a net profit attributable to shareholders of HKD 486 million, a 142% YoY increase — its best performance since going public via a backdoor listing. This solid financial base enables further expansion into digital assets.

• Strategic ETH holdings：On September 2, Yunfeng Financial announced it had purchased 10,000 ETH using internal cash of USD 44 million. This marks its first major move in mainstream digital assets since July 14, when the company publicly announced involvement in digital currency sectors, indicating official inclusion of crypto assets in its balance sheet.

• Deep cooperation with AntChain and Ant Financial：On September 1, just a day before acquiring virtual currency assets, Yunfeng Financial announced two strategic moves: partnering with Ant Financial’s Ant Blockchain (AntChain) and investing in Pharos, a public chain founded by former core members of Ant’s blockchain team. Pharos specializes in providing technical support to migrate traditional assets onto blockchain platforms. AntChain has uploaded over RMB 60 billion (~US$8.4 billion) in energy infrastructure data and completed asset tokenization for clean energy project financing. The partnership aims to explore RWA tokenization and Web3 developments, fostering convergence between blockchain and conventional finance.

• Hong Kong licensing advantage：Holding a license in Hong Kong and being a listed financial entity, coupled with Ma’s shareholding, positions Yunfeng Financial as a trustable partner for Alibaba and Ant’s strategic foray into digital currencies.

III. Ma Yun and Yu Feng: Closer Business Ties in the Digital Currency Era

The news of Yunfeng Financial’s USD 430 million (~3 billion RMB) ETH investment is sometimes misinterpreted as “Ma Ma owns ETH.” In reality, Ma and Yu Feng’s personal investments involve significant shareholdings in listed companies controlled by Yunfeng Financial. According to recent mid-year reports, “Yunfeng Financial Holdings” owns 91% of Key Imagination, which in turn owns 73.21% of Jade Passion, with Jade Passion holding 47.25% in the company’s shares — making it the largest shareholder of Yunfeng Financial. Notably, Yu Feng’s stake in Yunfeng Financial Holdings increased sharply to 70.15%. The business relationship between Ma Yun and Yu Feng has grown closer, especially as they pivot toward the digital currency field.

Conclusion：

Ma Yun’s assertive return not only revitalizes Alibaba with an ambitious “MAGA” vision and aggressive subsidies but also exposes his comprehensive plans in the Web3 and digital assets arena through Yunfeng Financial. From strategic ETH reserves to deep collaborations with AntChain and Pharos, Ma’s capital empire is leveraging Hong Kong as a hub to explore RWA tokenization and virtual asset trading services. This financial and technological transformation, personally led by Ma, is unfolding on an unprecedented scale within Alibaba and Hong Kong markets, heralding a new era of Web3 driven by traditional giants.

Related Reading：Yunfeng Financial raises HKD 117 million, fully entering the virtual asset trading arena