The appointment comes weeks after the billionaire made a rare public appearance in China following his fall from grace during a government crackdown on the tech industry over two years ago.

Alibaba says it planned to split into six units and explore fundraisings or listings for most of them, in the biggest restructuring of the technology conglomerate in its 24-year history.

The return of China's best-known entrepreneur may help to quell the concerns of the country’s private-sector businesses after a bruising two-year regulatory crackdown.

Zhong Shanshan has seen his fortune swell following the stock listings last year of his Nongfu Spring mineral water and separate pharma company Wantai Biological Pharmacy Enterprise.

Ma has kept a low profile ever since mainland officials spiked what would have been a world record US$37 billion initial public for Alibaba's financial group Ant last November.

The Chinese billionaire has been keeping a low profile since delivering a speech in October last year in Shanghai criticising China's financial regulators.

Ma has been noticeably absent after falling foul of China’s regulators last year.

The government didn't specify whether Alibaba was requested to completely withdraw from the media or divest part of its shares.

Alibaba spokesman says if the news is not on its website, it's not true.

The penalty could top the US$975 million paid by US chipmaker Qualcomm in 2015.

Speculation was rife over Ma's whereabouts after he failed to appear in the final episode of his own TV show.

Ma’s business empire has been under scrutiny by Beijing ever since he delivered a controversial speech in Shanghai.