Ex-Alibaba CEO Daniel Zhang Lands at Venture Firm

What’s new: Alibaba’s former chief Daniel Zhang will join Firstred Capital as a managing partner, the Chinese venture capital firm said Thursday, after his surprise resignation from the e-commerce giant last year.

Zhang, who spent 16 years at Alibaba Group Holding Ltd, will work with the fund’s founder, Liu Xiaodan, to “explore a new future for merger and acquisition funds,” Firstred said in a social media post.