Jack Ma is back with a new business idea
Since the ousted multi-billionaire Jack Ma stepped down as CEO of online giant Alibaba, the 59-year-old is no longer interested in the tech industry. With a new start-up, the entrepreneur is focusing on the changing eating habits of the Chinese.
The former figurehead of the Chinese tech industry is turning his back on the sector: The co-founder of online giant Alibaba Jack Ma has switched industries and founded a new company called "Hangzhou Ma's Kitchen Food". According to the South China Morning Post newspaper, the company will not only sell packaged food, but also process and distribute agricultural products itself. According to the report, the company's capital amounts to ten million Chinese yuan, the equivalent of 1.4 million dollars.
Some experts interpret Ma's latest idea as an entry into the ready meals business. During the coronavirus pandemic, many Chinese consumers have inevitably changed their eating habits. Since then, the industry has been booming. According to a report by market research company iiMedia Research, the Chinese ready meals industry is expected to generate sales of around 510 billion yuan this year, the equivalent of 71 billion dollars - with the potential to double in the next three years.
"Ma's Kitchen" is just one of several newly founded companies that are part of the entrepreneur's bet on agriculture. In July, it was last revealed that Ma is behind a fishing and agriculture start-up called "1.8 Metres Marine Technology". The company is active in the areas of fishery products, animal feed and food processing, among others.
Intermediate title?
The disgraced billionaire had rarely been seen in public since autumn 2020 after publicly criticizing his country's financial regulators. He called the financial system outdated and compared it to traditional Chinese pawnshops. As a result, Ma was summoned by the authorities. A few days later, the regulators canceled the IPO of Ant, the financial arm of Alibaba, at short notice. It was supposed to be the largest IPO in the world.
However, China's market regulation authority launched an investigation into possible "monopolistic practices" against Alibaba. The background to the action against Alibaba and Ant are efforts by the country's leadership to curb the rapidly growing influence of private Chinese tech companies and their founders on the economy of the People's Republic - President Xi sees them as a threat to both financial and political stability.
Since the 59-year-old multi-billionaire Ma stepped down as head of the e-commerce giant, he is said to have lived in Japan for a longer period last year and worked intensively on agricultural technology, according to press reports. In October 2021, Ma visited Spain to learn about agriculture and environmental technology. He also traveled to the Netherlands, Japan and Thailand to learn about agricultural technology. In May, Tokyo College announced that Ma will take on a teaching position while conducting research into sustainable agriculture and food production.
After stepping down from Alibaba, Jack Ma has ventured into a new business focused on agriculture. His new startup, Hangzhou Ma's Kitchen Food, will not only sell packaged food but also process and distribute agricultural products domestically.
With the potential for the Chinese ready meals industry to double in the next three years, Jack Ma's latest venture into agriculture and food production could capitalize on this growth, leveraging his extensive experience in technology groups.
Source: www.ntv.de
