The rumour this week spread like wi

The rumour this week spread like wildfire: could it be possible that Jack Ma, one of China's greatest success stories, was planning to leave the mainland for good?

On Tuesday Hong Kong's Economic Journal claimed that Alibaba founder Ma planned to move to Hong Kong next year on an investment immigration scheme. The news went viral on Chinese social media sites. Recent statistics show 47% of Chinese millionaires plan to leave, mainly to escape economic uncertainty and environmental decay, but Ma departing would be an extraordinary blow to China's self-image as an emerging global player – he is its greatest rags-to-riches hero, an inspiration to a generation of budding entrepreneurs.

Earlier this week, Ma quickly put the rumour to rest. Speaking to reporters in Hong Kong, he appeared physically precarious – Ma is razor-thin and standing about five feet tall – yet animated and forceful, with bulging forehead and expressive, restless hands. His speech was both patriotic and diplomatic, colloquial yet clearly well-planned. He explained that he had no plans to emigrate. "Hangzhou is where I was born, went to school and started my business," he said, speaking of his coastal Chinese hometown.

"I didn't know whether to laugh or cry" at the reports, he said later.

Yet he added that he harboured no prejudices towards Chinese citizens who moved abroad. "I like my friends [in Hong Kong], its climate, its food, and especially I like that it is part of China," he added. On Friday the Alibaba Group, which launched as a "business-to-business marketplace for global trade" 15 years ago, opened on the New York stock exchange with the largest IPO in American history. Initially priced at $68 the shares started trading at $92.70 as investors jumped at the chance to profit from China's growing middle class.