Online rumor in China leads to lines for 'Jack Ma cash giveaway'

Feb. 15 (UPI) -- Seniors stood in line at banks in a southeastern Chinese province after rumors circulated on a social media platform about cash giveaways sponsored by Jack Ma, founder of e-commerce giant Alibaba.

Elderly Chinese by the dozens began queuing at several bank branches in Fuzhou, Jiangxi Province on Friday evening, or Lunar New Year Day, the Global Times and Radio France International reported.

According to reports, a WeChat group had claimed Ma, 56, was giving away 200 Chinese yuan, or about $30, to Chinese citizens aged 60 or older on a first-come, first-serve basis.

The group also said recipients needed to bring the Chinese equivalent of a social security card to verify status to collect the cash.

The Fuzhou Municipal Public Security Bureau issued an emergency notice, warning the public the claims were "pure rumor." China observes the Lunar New Year holidays from Feb. 11 to Wednesday. During the holidays, people exchange red envelopes filled with cash.

The Internet behemoth previously used the Lunar New Year to promote its services. In 2014, Alibaba issued small cash coupons on WeChat, which resembled red envelopes, to give out cash gifts for use on its online shopping platform.

That year, Ma issued 99,999 red envelopes online worth 990,000 yuan, or about $153,000, which were grabbed within the first three minutes, according to Forbes. Elderly Chinese may have believed a similar giveaway was taking place at local bank branches.

Ma went missing after October, when he delivered a speech criticizing China's banking regulations. He has since been seen on live-streamed video Jan. 20 and more recently at a golf resort on the Chinese island of Hainan, according to Bloomberg.

Last year, China's financial regulators canceled an initial public offering of Ant Group, but the IPO could be back on the table, Bloomberg reported.