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No sign that it is safe yet to reinvest in Chinese tech companies

Long-term issue is that Xi Jinping still does not trust private enterprise

| China
Alibaba founder Jack Ma, pictured here in 2018, returned to mainland China in March: He is not the only new economy figure to be welcomed home recently.   © Reuters

Henny Sender is a strategic consultant to financial services companies and was previously a managing director at investment company BlackRock and a correspondent for the Financial Times.

Following on the heels of founder Jack Ma's triumphant return to his hometown Hangzhou in late March, Alibaba Group Holding's restructuring into six separate companies was initially greeted with euphoria.

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