I think this, in combination with the author's previous article about the moves the CCP have made on Ma's business make it pretty clear what is happening. Ma is being held whilst his businesses are dismantled. Ant is being turned into a traditional bank, Alibaba is being attacked from several directions, Ma's university (a clear source of soft power) is being shut down.
When you then ask where Ma is I would say it's pretty clear - Ma is being held out of the way whilst this happens. There's no point in causing drama whist they're doing this, just hold him out of the way and in about 18 months there'll be nothing for him to come back to. At that point they'll no longer need him, all the businesses will be managed by cronies of the state. So what happens when they no longer need him? If he's lucky they'll let him manage some tiny sliver of his former empire, but I can't imagine them taking the risk of him fleeing and becoming a powerful critic, so I guess most likely thing to do is trump up charges of corruption and prosecute him.
When you then ask where Ma is I would say it's pretty clear - Ma is being held out of the way whilst this happens. There's no point in causing drama whist they're doing this, just hold him out of the way and in about 18 months there'll be nothing for him to come back to. At that point they'll no longer need him, all the businesses will be managed by cronies of the state. So what happens when they no longer need him? If he's lucky they'll let him manage some tiny sliver of his former empire, but I can't imagine them taking the risk of him fleeing and becoming a powerful critic, so I guess most likely thing to do is trump up charges of corruption and prosecute him.