Former Alibaba Chief Daniel Zhang Joins Little-Known Chinese Investment Fund
By Tracy Qu
Former Alibaba Group chief Daniel Zhang Yong has joined a little-known Chinese investment fund after his surprise resignation from the Chinese e-commerce giant last year.
Zhang, who spent 16 years in Alibaba, will take on the role of managing partner at Firstred Capital, along with fund founder Liu Xiaodan, the fund said in its official WeChat account on Thursday. The fund has offices in Beijing and Shanghai.
Zhang became CEO of Alibaba in 2015 and its chairman in 2019, after Alibaba co-founder Jack Ma relinquished his corporate role at the company that year.
Alibaba said in June last year that Zhang was resigning as chief executive and chairman of Alibaba to focus on Alibaba Cloud but Zhang stepped down as the head of the cloud division in September. Alibaba said at that time it would invest US$1 billion in a technology fund established by Zhang.
Alibaba didn't immediately respond to an inquiry about the technology fund.
Zhang said in an article on Firstred Capital's WeChat official account posted on Thursday that he hopes to catch the opportunities brought by industrial transformation and value chain reshaping.
According to Firstred Capital's website, the company raised a 6.8 billion yuan M&A fund in 2021 and its investment focuses on technology, medical and consumer sectors.
Write to Tracy Qu at tracy.qu@wsj.com
(END) Dow Jones Newswires
March 21, 2024 03:08 ET (07:08 GMT)
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