Alibaba's founder, Jack Ma, is intensely committed to restoring the company's former glory, declaring: "Alibaba - Magnificent Once More!"
Alibaba Makes a Comeback Under Jack Ma's Guidance
In a significant move, Chinese e-commerce giant Alibaba is making a comeback, with its founder Jack Ma playing a crucial role once again. After stepping down as chairman in 2019, Ma is now back on the Alibaba campus and more involved than ever.
Ma's return is seen as a signal that China's tech sector is regaining favor in Beijing. The company, which was founded in 1999 with an initial investment of just 80,000 dollars, had the largest IPO in 2014, raising 25 billion dollars. Since then, its market capitalization has grown over 800 billion dollars.
The company is refocusing on technology and core areas, making disciplined investments, and generating profits, as stated by Vey-Sern Ling, CEO of Union Bancaire Privée. Alibaba is deploying Jack Ma as one of its most powerful weapons to achieve its mission of making the company great again.
One of the key areas of focus for Alibaba is its cloud business. In August, the company saw a 26% increase in cloud revenue, marking the fastest quarterly growth in years. Alibaba has also announced an investment of over 380 billion yuan in AI and cloud infrastructure over the next three years.
Jack Ma's long-time confidants, Joe Tsai and Eddie Wu, have been leading the company since 2023. Wu, one of the key figures in Alibaba's leadership, is leading the development of artificial general intelligence. Jiang Fan, a protege of Jack Ma, heads the integrated E-commerce business at Alibaba, coordinating food deliveries, hotel bookings, and logistics.
The Chinese e-commerce market is highly competitive, and Alibaba is banking on its core platforms Taobao, JD, and Meituan to outperform each other. According to Goldman Sachs, Alibaba holds 43% of the Chinese market for food delivery, behind Meituan's 47%.
Jack Ma's return is likely to be less prominent than before the investigation due to the increased competition. However, his presence is still significant. Ma is acting as hands-on as he has since stepping down, wearing a company ID badge everywhere on campus, but he does not officially hold a position.
The past few years have been challenging for Alibaba, with conflicts with regulatory bodies and the pandemic-induced slowdown of the Chinese economy causing its stock price to plummet. However, with Jack Ma's return, there is a sense of optimism among employees. Ma's return to Ant Group in December and his first public speech in several years moved some long-serving employees to tears.
In conclusion, Alibaba is making a comeback under the guidance of its founder, Jack Ma. With a focus on technology, core areas, and disciplined investments, the company is aiming to regain its position as a leader in the Chinese e-commerce market.
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