In 2020, the Chinese government stopped plans for an IPO called for the digital payment solutions company Ant Group, a company that he founded after he delivered a speech that criticized Chinese financial regulators for putting too much priority in minimizing risk.
In September 2018, he announced that he would retire from Alibaba and pursue educational work, philanthropy, and environmental causes the following year, Daniel Zhang succeeded him as executive chairman. He has widely been considered as an informal global ambassador in Chinese business circles, and has continued to remain an influential figure in the Chinese business community and scene of startup companies. In 2017, Ma was ranked second in the annual "World's 50 Greatest Leaders" list by Fortune. The company was initially founded as B2B e-commerce marketplace website, yet the company later expanded into a wide range of industry domains across the Chinese economy, including e-commerce, high-technology, and online payment solutions. From 1998 to 1999, resigned from China Telecommunications Corporation, later start the Alibaba Group with his colleagues in 1999. Later taking an interest in the emergence of the internet business, he established his first business in 1994, only to end up forming a second company after learning more about the internet and the commercial business possibilities that could be potentially exploited from its emerging growth. He became an English lecturer and international trade lecturer at Hangzhou Dianzi University following graduation. īorn in Hangzhou, Zhejiang, Ma earned a Bachelor of Arts degree with a major in English upon graduating from Hangzhou Normal University in 1988. As of June 2023, with a net worth of $34.5 billion, Ma is the fourth-wealthiest person in China (after Zhong Shanshan, Zhang Yiming and Ma Huateng), as well as the 39th wealthiest person in the world, ranked by Bloomberg Billionaires Index. In addition, Ma is also the co-founder of Yunfeng Capital, a Chinese private equity firm. He is the co-founder of Alibaba Group, a multinational technology conglomerate. In January, he relinquished control of Ant, the financial technology firm, as part of a restructuring of its shareholding structure.Jack Ma Yun ( Chinese: 马云 pinyin: Mǎ Yún born 10 September 1964) is a Chinese business magnate, investor and philanthropist. Ma stepped down as chairman of Alibaba in 2019, saying he wanted to focus on philanthropy. Since November 2020, when he publicly criticised China's regulators and financial systems during a speech in Shanghai, he has kept a low profile with few public appearances.Īfter regulatory crackdowns on technology, education, online gaming, and financial firms, as well as harsh Covid-19 restrictions, the Chinese government has been attempting to restore confidence in the private sector. Alibaba was founded in the 1990s by Ma, who was once China's richest man.
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Its US-listed stock has also fallen since a regulatory crackdown on the technology industry in November 2020, when regulators halted the IPO of its financial arm Ant Group and cracked down on anticompetitive practises across the industry.Īfter months of overseas travel, Alibaba founder Jack Ma has returned to China. Short-video platforms such as Douyin and Kuaishou, which also provide e-commerce services, have increased their competition for Alibaba.
Youku and Alibaba Pictures are part of the Digital Media and Entertainment Group. Taobao, Tmall, Taocaicai, and are all part of the Taobao Tmall Business Group.Īmap and Ele.me are part of the Local Services Group, while Lazada, AliExpress, Trendyol, Daraz, and are part of the Global Digital Business Group. Each group will be managed independently by its own CEO and board of directors.Ĭloud, AI, and DingTalk are all part of the Cloud Intelligence Group. in a regulatory filing.Įxcept for Taobao Tmall Business Group, which will remain wholly owned by Alibaba Group, each group will be able to raise outside capital and potentially seek its own initial public offering, according to the company. The Cloud Intelligence Group, Taobao Tmall Business Group, Local Services Group, Global Digital Business Group, Cainiao Smart Logistics, and Digital Media and Entertainment Group are the six new groups announced by Alibaba Group Holding Ltd. Alibaba is dividing itself into six business groups in an effort to become more agile in responding to market changes and increasing the value of those units.Īlibaba Group Holding Ltd.
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