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China halts new enrollments at business school backed by Jack Ma

Beijing authorities have pressured an elite business school backed by Alibaba Group Co Ltd founder Jack Ma to halt enrollments, the Financial Times stated on Friday, citing sources accustomed to the matter.

The clampdown on the school, based in 2015 by Ma to coach China’s subsequent technology of entrepreneurs, comes as his business empire faces authorities scrutiny.

Hupan Academy, primarily based within the metropolis of Hangzhou, the place Alibaba has its headquarters, suspended a first-year class set to start in late March, the newspaper stated.

Alibaba and Hupan Academy didn’t instantly reply to Reuters’ requests for remark.

Tuition for the three-year program quantities to 580,000 yuan ($88,500.98). Students listed within the incoming class of 2019 included executives from Keep, a profitable Chinese train firm, and fast-growing home chip agency Horizon Robotics.

The school is among the many initiatives launched by Ma associated to schooling, a sector the erstwhile English trainer has dedicated to since stepping down from his function as Alibaba’s chairman in 2019.

The enrollment halt comes amid Beijing’s crackdown on Ma’s companies. Late final yr Ant Group, a monetary affiliate of Alibaba, abruptly suspended a deliberate $37 billion IPO in Shanghai following stress from the authorities.

The botched itemizing got here after Ma made feedback in public criticising China’s monetary regulators. He has but to make a public look since, save for a quick 50-second video clip broadcast to a gaggle of academics.

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