Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Mobile Browser Crackdown Ensnares Big Names
Chinese Biotech Startup Genecast Bags $149 Million in Series E Funding Round
Founder and CEO in ‘Divorce’ With Dating App Momo
Chinese Medical Rehabilitation Robot Maker Fourier Closes $15 Million Funding Round
Caixin Investigation Uncovers Shady Business In Myanmar
Tencent Bets Big on Chinese E-Sport Firm, Leading $100 Million Funding Round
Chinese Companies Line Up to Take Advantage of Huawei’s U.S. Troubles
Trending in China: Social Media Applauds Jack Ma’s Detailed Critique of China’s Financial Sector
Trending in China: Female Student Fights ‘Period-Shaming’ – Social Media Discusses the Pros and Cons
Chinese Auto Tech Startup Closes $194 Million Series A Funding Round Led by Baidu
iQiyi to Create Genre-Specific Content to Meet Different Audience Demands
Gaw Capital Inks JV With Manbang Group to Develop Smart Logistics Properties in China
Tesla Recalls Nearly 50,000 U.S.-Made Cars in China over Suspension Problems
Fintech Giant Lufax’s U.S. IPO Could Raise $2.36 Billion
WeChat Judge Won’t Pause Temporary Order Blocking Trump Ban
Mongolia Delivers First Batch of Donated Sheep to China
Signs of Stormy Weather Ahead for One of China’s Largest Semiconductor Makers
Trending in China: Finding Pleasure in the Pain of Everyday Life – China’s Youth Mock Their Own Reality
‘Double 11’ Shopping Fest Faces Covid-19 Supply Chain Pressures
Trending in China: Scalpers Take Advantage of Lack of New iPhone 12s in Stock in China
Alibaba Co-Founder Steps Down From Board Affiliated to Chinese EV Maker

By Zhao Runhua / Dec 13, 2019 02:34 PM / Business & Tech

Photo: VCG

Photo: VCG

Alibaba co-founder Joseph Tsai has stepped down as a member of a board connected to China’s well-known new-energy vehicle manufacturer Xpeng Motors, public records show.

The change in the board of a Guangzhou-based Xpeng affiliate overseeing projects including vehicle design and sales was quietly added to a state-backed corporate information platform on Monday. Tsai reportedly has a stake in Xpeng.

Xpeng announced that Yu Yongfu, the president of an Alibaba-linked mobile business group, had joined the board of its affiliate.

Xpeng told Caixin in a WeChat message that Tsai’s departure was a “normal” corporate board change. Alibaba remains an “important shareholder” in Xpeng and Yu will continue to bring the internet giant’s strategic support to the automaker, the company added.

Xpeng founder and chairman He Xiaopeng remains the affiliate’s largest shareholder, holding 27.85% of the total stake.

In November, Xpeng announced it had raised $400 million in its latest Series C funding round backed by investors including smartphone-maker Xiaomi.

Related: Chinese EV Maker Xpeng Secures $400 Million Series C Funding With Xiaomi Tie-Up


Share this article
Open WeChat and scan the QR code