Because foreign investors invested a lot of money from the beginning. They already have a lot of shares. Now that the company is up, which idiot would return the shares they invested back then to the founder?

If you were willing to start a company with Jack Ma at that time, and you were a rich man, wouldn’t Alibaba be yours now? However, there is no rich man in China who has such investment vision, so of course it is the turn of foreigners to share this cake.