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Having said that, there is little doubt in anyone’s mind that China’s third-richest man will be a catalyst for change for its fragmented and ageing educational infrastructure and few would question the authenticity of his concerns.

What then was Friday’s announcement – a publicity bid? Unlikely for a man who walks into rooms to the sound of hysterical, shrieking fans. A market maneuver? Unlikely, given news of Ma’s retirement came post-trading hours on Friday and the fact that Alibaba shares have already bettered archrival Tencent’s this year despite fears of a trade war with America.

«If Ma were running a military campaign this would be a strategic retreat,» proposes one second-generation Hong Kong tycoon who is not personally familiar with Ma but buys clothes on his TaoBao e-commerce site. Effectively, he is losing the battle to win the war.

Flippancy for State

«Ma is the highest-profile Chinese citizen after [Chinese leader] Xi [Jinping],» says one Hong Kong banker who covers the Chinese ultra-high net worth market. This is no surprise.

But Ma has on occasion displayed a remarkable flippancy towards the state – sparring with Hong Kong’s securities regulator about dual-class shares before bypassing the special administered region for a U.S. listing, meeting then President-elect Donald Trump before he had been acknowledged officially by the Chinese state.

«That [not toeing the line] never ends well,» cautions the Hong Kong tycoon a who believes Ma has «saved face and shown humility» in one deft masterstroke by stepping aside. At the same time, he has chosen to walk away from his company than have his strings pulled by the state.

«Nothing has Changed»

For many, Xi’s complete control of China’s international image has meant there is no alternative to being publicly and vocally aligned with the state’s agenda and «Ma’s high profile or his international connections would not have been of any consequence.»

«Don’t forget we serve two masters in China: a capitalist economy and a communist Government. Ma has done well by the first and it was time for him to demonstrate his deference to the other,» the China-banker, himself a product of Chinese primary education and a Western-college degree, says.

But will Ma continue to serve Alibaba-shareholders? «Yes of course,» says the tycoon who may trade any volatility on the stock in the short term but has no thoughts of trimming his exposure to the company. «Why would I?,» he counters, «Nothing has changed.»