What’s new: Shares of a Hong Kong-listed subsidiary of Charoen Pokphand Group Co. Ltd. (CP Group) surged this week after the Thai conglomerate’s senior chairman reportedly met with Chinese billionaire Jack Ma.
Chia Tai Enterprises International Ltd., majority-owned by CP Group, was trading at HK$6.98 ($0.90) at one point on Wednesday morning, more than eightfold Monday’s opening price of HK$0.84.
Ma recently met Dhanin Chearavanont, CP Group’s senior chairman, and his son Suphachai Chearavanont, the company’s CEO, in Hong Kong, according to the Hong Kong Economic Times. The newspaper’s Monday report, citing anonymous sources, did not disclose what they discussed.
The meeting appeared to be at least the second between Ma and the Chearavanont family since last month. The Alibaba Group Holding Ltd. co-founder was spotted at a Michelin-starred restaurant in Bangkok with Soopakij Chearavanont, Dhanin Chearavanont’s eldest son and CP Group’s chairman, in early January, according to local media. Ma was reportedly on a trip to visit CP Group.
The meetings have triggered market speculation on potential cooperation in the agricultural sector between the two sides, as there have been reports of Ma inspecting multiple overseas agricultural projects in recent years.
The background: CP Group, also known as Chia Tai Group on the Chinese mainland, is owned by the Chearavanont family, the richest family in Thailand. The sprawling conglomerate operates businesses in a variety of industries, including retail, agriculture, pharmaceuticals, real estate, finance and manufacturing.
Ma recently decided to give up controlling rights of Ant Group Co. Ltd., an affiliate of Alibaba, as he further distances himself from the fintech giant amid China’s more than two-year crackdown on the tech sector. The billionaire has rarely been seen in public since making harsh comments about regulators in a 2020 speech.
Related: Cover Story: Where to Now for Alibaba in the Post-Jack Ma Era?
Contact reporter Zhang Ziyu (ziyuzhang@caixin.com) and editor Bertrand Teo (bertrandteo@caixin.com)
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