Alibaba co-founder Jack Ma, a longstanding figure in China's technology sector, is diversifying his business ventures into the food industry with the establishment of a new company, "Hangzhou Ma's Kitchen Food."
According to Business Insider, this move was revealed through recent reports, indicating that Ma officially incorporated the company in Hangzhou - the city where Alibaba is headquartered and Ma's hometown.
Hangzhou Ma's Kitchen Food of Alibaba Co-Founder Jack Ma
The registered capital for Hangzhou Ma's Kitchen Food stands at 10 million Chinese yuan, equivalent to $1.4 billion, according to information from the National Enterprise Credit Information Publicity System, a corporate registry cited by Alibaba-owned South China Morning Post.
Ma's investment entity, Hangzhou Dajingtou No. 22 Arts and Culture Co, owns the new company. The firm is reportedly involved in the sales of pre-packaged food items, as well as the processing and retail of agricultural products.
Ma's newfound interest in agriculture appears to have gained momentum in response to the Chinese government's scrutiny of his business ventures, which was initiated in 2020 after he delivered a speech about the country's financial regulatory system, causing tension with Beijing, according to Business Insider.
Following the regulatory challenges, Jack Ma withdrew from the public eye for two years. His personal wealth plummeted during this period, and his companies faced substantial financial losses.
New Business Venture of Jack Ma
Now, Jack Ma has redirected his focus towards agriculture, undertaking global travels to explore agrotech. In October 2021, he visited Spain to gain insights into agricultural practices and technology related to environmental issues, Business Insider reported.
Additionally, he has explored agrotech in countries like the Netherlands, Japan, and Thailand. Ma's foray into the food business aligns with his evolving interests in sustainable agriculture and agrotech, reflecting a strategic shift in his endeavors following the challenges his tech-related enterprises face in the wake of regulatory actions.
Join the Conversation