During Alibaba's 2014 initial public offering in the United States, Mr. Ma gave television interviews but allowed a group of merchants to ring the stock exchange bell.

阿里巴巴2014年在美国首次公开募股期间，马云接受了电视采访，但让一些商户去敲响了交易钟。

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One of the group's 25 business units, Alibaba.com, an e-commerce platform for small businesses, went public on the Hong Kong Stock Exchange in 2007, before Mr. Ma took it private again last year. (The rest of the group's units, including Taobao, Tmall and Alipay, have never gone public.) The financial crisis hurt Alibaba.com, he says, and it needed major changes.

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