Jack Ma Yun’s 300-year-old dream for a business academy fades

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Hupan University, an elite business school founded by Alibaba founder billionaire Jack Ma Yun, is expected to be renamed, state media reported.
According to videos and photos widely shared on Chinese social media platforms, workers were seen removing the Chinese characters of “Hupan University” engraved on the university’s iconic stone plaque in the city of Hangzhou, the capital of Zhejiang province.
The university’s name on several social media platforms, including its official Weibo account which has around 100,000 subscribers, has been changed to “Hupan Innovation and Research Center”. The name of his official Wechat account remained unchanged at 10:00 a.m. on Monday.
The university did not respond to a request for an interview from the Global Times at the time of publication.
Some Chinese netizens have speculated that the move could indicate a temporary shutdown of the university’s activities, in the wake of Alibaba’s record $ 2.8 billion antitrust fine by Chinese market regulators.
Registration information for the 2021 academic year was not available on the university’s official website. Some media outlets hinted in April that the university had suspended the freshman class due to start in March.
Ma founded Hupan University in 2015, along with eight of its business and academic associates.
Ma was elected head of the university. According to an introduction, Ma said that “Hupan will last 300 years,” and he hoped that in 30 years, the organization would have trained 3,000 entrepreneurs in the country.
The entry requirements to Hupan University are very strict. An eligible candidate must be the founder of a company that is at least three years old, has more than 30 employees, and an annual turnover of more than 30 million yuan ($ 4.25 million).
In addition to this, applicants must also provide proof of their company’s tax payments and provide three letters of recommendation, at least one of which must be from the University’s list of certified arbitrators.
In October 2020, Ma criticized traditional banks for operating with a “pawnshop” mentality in a controversial remark made at the Bund summit in Shanghai.

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