Caixin
Dec 08, 2022 04:20 AM
TECH

Jack Ma Resigns as President of General Association of Zhejiang Entrepreneurs

What’s new: Alibaba Group Holding Ltd. co-founder Jack Ma resigned as president of the General Association of Zhejiang Entrepreneurs, a position he held since 2015.

The Chinese billionaire was the first president of the nonprofit organization formed by Zhejiang businesspeople in 2015. Nan Cunhui, chairman of electrical components manufacturer Chint Group Co. Ltd., was elected as the new president Wednesday, the association said.

The term of the association’s board is five years, and the election was delayed due to the Covid-19 pandemic, according to a member of the association.

The background: Once China’s wealthiest and most prominent tech leader, Ma retreated from the spotlight in recent years after he resigned as chairman of Alibaba in September 2019.

Ma has rarely appeared in public since his criticism of China’s financial regulation in October 2020 led to a rare summons by regulators and eventual suspension of a planned initial public offering of Ant Group, Ma’s fintech giant.

Ma has been living in Tokyo for nearly six months with regular visits to the U.S. and Israel, the Financial Times reported.

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full story in Chinese, click here.

Contact reporter Denise Jia (huijuanjia@caixin.com) and editor Bob Simison (bob.simison@caixin.com)

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