Jack Ma, the billionaire founder of Alibaba who disappeared from public view in 2020, appears to resurface in Thailand as he prepares to give up control of his company

Hours before the company's controlling shareholder said he would give up control, Jack Ma reappeared in Thailand.

A picture of Ma was posted on social media on Friday, which he appeared to have just been to. "We are honoured to have you and your family at Jay Fai's," the restaurant wrote in its caption.

A post shared by JAY FAI (เจ๊ไฝ)⭐️ (@jayfaibangkok)

Hours before the post was published, it was reported that Ma was about to give up control of the company he started.

In a statement published Saturday, the company that owns the world's largest mobile payment platform said it was streamlining voting rights to make it harder for one shareholder to have a controlling vote.

According to the statement, the move would enhance the stability of our corporate structure.

Ma was no longer seen in the public eye in October 2020.

Beijing stopped plans to list the group on the stock market. Ma's net worth has fallen by more than $25 billion since he left the public eye.

Ma has control over a separate entity that he didn't have an executive role in. The changes announced on Saturday are the most recent in a series of changes.

Since his arrest, Ma has kept a low profile. The Financial Times reported in November that he had been living in Tokyo for six months and was staying out of the public eye.

Some think the move could revive hopes of floating Any, but Chinese regulations that need a pause on listings after a change in control may delay such a move by at least a year.