Alibaba Group Holding Ltd. posted its fastest pace of revenue growth in more than a year, as the Chinese internet pioneer co-founded by Jack Ma takes another step toward a recovery after years of turbulence.

Huawei’s Ren Zhengfei, BYD’s Wang Chuanfu, and Xiaomi’s Lei Jun were among the leading tech executives who met with Xi Jinping on Monday.

Social media was abuzz with users praising Mr Ma for his return to the public spotlight. "Congratulations [Jack] Ma for the safe landing," said one user on Chinese social media platform Weibo. "The comeback of [Jack] Ma is a shot in the arm to the current Chinese economy," said another.

The stock of tech giant Alibaba — whose shares had been beaten down since Beijing's yearslong Big Tech regulatory crackdown — has soared 38% this year so far in Hong Kong. The stock's dual listing on the New York Stock Exchange is up 33%.

Chinese leader Xi Jinping hosted Alibaba co-founder Jack Ma and the country’s top tech executives in Beijing on Monday, in a meeting that signals officials could be steering the country in a more business-friendly direction after a yearslong regulatory crackdown.

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Apple and Alibaba are set to partner and bring AI to iPhones in China at a time when its smartphone sales in the country are sliding.

The Chinese president rarely chairs symposiums about the private sector and the event underscores the numerous challenges facing China Inc.

China's President Xi Jinping met top private sector entrepreneurs, including Alibaba's Jack Ma, signaling a policy change after strict regulations on