Alibaba founder Jack Ma steps down as head of Zhejiang Business Association

Founder Alibaba and one of the richest Chinese billionaires Jack Ma (condition, according to Forbes Real-Time, $23 billion) ceased to be the head of one of the most influential business associations in China, Reported Financial Times.


Jack Ma was the first president of this non-profit organization, founded by entrepreneurs from Zhejiang province in 2015 G. Nan Cunhui was elected as the new chairman of the association, chairman of electrical component manufacturer Chint Group. According to one of the members, the term of office of the association's management is five years, and elections 2020 years postponed due to the Covid-19 pandemic.

Once the leader of China's richest and wealthiest tech giant Alibaba, Billionaire Jack Ma has retired from the public eye in recent years after stepping down as Alibaba chairman in September. 2019 of the year.

Mr. Jack Ma has rarely appeared in public since, like in october 2020 commented on China's financial regulation. Later, Chinese regulators also suspended the IPO of Ant Group, a subsidiary of Alibaba.

The Financial Times recently reported, what mr Jack Ma lives in Tokyo almost 6 months and regularly visits the US and Israel.


The idea to replace Ma was discussed with 2020 of the year, when he started having problems with Beijing, but it was decided to wait, until the hype around the billionaire subsides. Now the local authorities have increased their supervision of the business group to such an extent, that it has become just "the hand of the government", noted one of them.


Speaker at the annual meeting of the association 7 December was a high-ranking official of the Chinese Communist Party. "You must strengthen your political consciousness and encourage the broad masses of Zhejiang entrepreneurs to follow the party", he said.

Sam Ma at an event in Hangzhou (provincial capital) was not present, FT sources noted. But he had previously spoken at the annual meetings of the association more than once.. “Even without Alibaba, many traditional retail industries would have collapsed – we have only hastened your fall”, he told fellow entrepreneurs in 2018 year. Later, he spoke about a possible epitaph on his grave.: "Guy from Hangzhou, who loved tai chi (Chinese form of gymnastics. — Forbes ), did a lot of things and in the meantime created a company”.

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