Jack Ma is 'lying low': Alibaba co-founder

Chinese tycoon Jack Ma is 'lying low' and avoiding the spotlight_ according to an Alibaba executive. Joe Tsai_ who co-founded the Chinese e-commerce giant with Mr Ma_ told CNBC he speaks to him every day.

"He's actually doing very_ very well. He's taken up painting as a hobby_ it's actually pretty good_" said Mr Tsai.

Mr Ma has been noticeably absent after falling foul of China's regulators in November.

He had been set to become China's richest man yet again following the dual stock market debut of his digital payments company Ant Group - an affiliate of Alibaba - in Hong Kong and Shanghai_ which was worth about $34.4bn (£26.5bn).

What was meant to be the world's biggest initial public offering was halted by Chinese regulators at the eleventh hour_ citing "major issues" over regulating the company.

It is believed Mr Ma's criticism of the Chinese financial sector in October prompted the move.

Some analysts saw it as an attempt by Beijing to humble a company that had become too powerful and a leader who had become too outspoken.

At a financial technology conference_ he had compared traditional banks to "pawn shops"_ lauding the merits of the digital banking system instead_ as well as stressing that future lending decisions should be based on data_ not collateral.

Ant Group runs Alipay_ the main online payment system in China_ which has eclipsed cash_ cheques and credit cards.

Alibaba_ which owns a third of Ant Group_ saw its share price plunge on stock markets after the suspension was announced.