By Lulu Yilun Chen
It was Alibaba’s record-setting initial public offering that altered the country’s tech industry for good.
Jack Ma will step down as executive chairman of Alibaba Group Holding Ltd. in 2019, handing the reins to Daniel Zhang, who became chief executive officer barely three years ago. The 46-year-old certified accountant has been the driving force behind a mandate to transform old-school commerce using technology that it’s dubbed “ New Retail.”
The buyout major acquired the stake from specialist healthcare fund, MVM Partners.
The alternative asset manager plans to spin out its China-focused real estate team by the end of the year amid waning investor appetite for a country-dedicated property fund
The funding also comes with an additional HK$100 million for future financial support.
The conglomerate decided to sell Seaco as part of its strategy to divest assets unrelated to its core aviation business
Cornerstone investors including Chinese investment firm Hillhouse Capital and Morgan Stanley have agreed to buy a combined $375 million of stock in the offering
Ma will be on the board until Alibaba’s annual shareholder meeting in 2020. His retirement will coincide with his 55th birthday.
Jack Ma, co-founder of Alibaba Group Holding Ltd., is expected to announce Monday his plans for stepping down from the e-commerce giant and handing over responsibilities to senior management.
Japanese companies without any female directors include SoftBank Group, Nintendo, Uniqlo and 7-Eleven while Chinese companies with no women on their boards include Tencent, SAIC Motor and Kweichow Moutai