Jack Ma's recent actions have sparked speculation about his post-retirement plans. The billionaire, who had taken a step back from public life amid a government-led industry crackdown, is now venturing into a new initiative and is said to have invested an initial capital of 10 million yuan ($1.4 million) in a small company named Hangzhou Ma’s Kitchen Food. According to China's National Enterprise Credit Information Publicity System, the company focuses on processing and selling agricultural produce.
Since 2020, when Beijing increased control over Ma's companies, Alibaba and Ant Group Co., there has been considerable speculation about his activities and whereabouts. He withdrew from the public eye following comments that contributed to the regulatory crackdown on China's financial system. Ma has since directed his efforts towards agricultural pursuits through his foundation, aligning with the Communist Party's "common prosperity" initiative, a cause endorsed by various influential entrepreneurs.
While Ma's recent public appearance at a school in Hangzhou hinted at a potential return to public life, he has predominantly devoted his time to agricultural and educational projects. Specifics about his new venture are limited, with key roles in the newly established firm being taken on by senior officials from his foundation.
Only three years ago, Jack Ma held the title of the richest person in Asia with a staggering fortune of $61.7 billion and was richer than Mukesh Ambani, Ratan Tata, and Gautam Adani. However, the landscape has dramatically shifted, and today his net worth hovers around $24 billion.
Born in China's Hangzhou in 1964, Ma faced early life challenges with unwavering determination. Despite facing rejections from various job opportunities, including KFC, he remained undeterred. His life took a transformative turn in 1995 when he encountered the internet, leading to the co-founding of his first internet venture, China Pages. In 1999, he established Alibaba intending to connect Chinese manufacturers with global buyers.
Ma's vision extended beyond traditional commerce, aiming to empower small and medium-sized enterprises (SMEs) through technology. Initiatives like Taobao and Tmall revolutionised the way people shopped in China and globally, securing Alibaba's dominant position in the e-commerce landscape.
Diversifying beyond e-commerce, Ma expanded Alibaba's portfolio into cloud computing, digital payments (Alipay), entertainment (Alibaba Pictures), and logistics (Cainiao Network).
However, Ma's prominence has not been without challenges. His outspoken criticism of China's regulatory system led to scrutiny, culminating in the suspension of Ant Group's highly anticipated IPO in 2020.
