Jack Ma, co-founder of Alibaba Group Holding, has embarked on a new entrepreneurial journey by venturing into the pre-packaged food market, marking a shift towards the agricultural sector following his retirement.
SCMP reports that the enterprise, named “Hangzhou Ma’s Kitchen Food” in English, was officially incorporated in Hangzhou, Ma’s hometown and the heartland of his business empire, as per records from the National Enterprise Credit Information Publicity System.
The company, with a registered capital of 10 million yuan (approximately $1.4 million), is wholly owned by Hangzhou Dajingtou No 22 Arts and Culture, an entity associated with Ma’s investment dealings in China. Notably, Ma holds a 99.9% stake in this venture.
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Ma’s Kitchen Food is positioned to engage in the sale of pre-packaged food items, along with the primary processing and retail of edible agricultural products, according to its stated business scope.
Jason Pau, the executive director of international programs at the Jack Ma Foundation, has been listed as the company’s executive director and general manager. Additionally, Xu Shi, a former executive at Ma’s foundation, assumes the role of supervisor for the newly established entity, based on information from corporate registry data provider Tianyancha.
The intent behind Ma’s latest venture is seen as a strategic move into the thriving ready-meals industry, potentially capitalizing on the surge in demand for such products driven by lifestyle changes amid the pandemic. However, clarification from a former assistant to Ma suggested that the references to pre-packaged food do not signify pre-cooked meals.
Industry reports project the domestic ready-meals market to reach approximately 510 billion yuan this year, with anticipated growth potential doubling over the next three years, according to data from iiMedia Research.
Following his departure as Alibaba chairman in 2019, Ma has redirected his focus towards agriculture and education. His recent endeavors have included visits to agricultural facilities worldwide, showcasing his keen interest in this evolving sector.
Ma’s Kitchen Food represents one of several new ventures in agriculture undertaken by the entrepreneur. In July, Ma was linked to a fishery and agricultural startup, 1.8 Metres Marine Technology, with a registered capital of 110 million yuan, emphasizing aquatic products, feeding, and food processing.
Despite stepping down from Alibaba, Ma’s influence over the company remains significant. Recent corporate restructuring efforts have aimed to divide the conglomerate into six independent business units. Yet, the company faced challenges when plans to publicly list Alibaba Cloud were halted, coinciding with Ma’s family trust announcing intentions to sell $870 million in Alibaba shares.
Alibaba responded to speculations about Ma’s confidence in the company and potential layoffs, citing Ma’s intent to utilize the funds to support agricultural technology and philanthropic initiatives. Allegations were refuted by both the company and Ma’s office, although the combined news resulted in a 10% decline in Alibaba’s shares.
In an internal communication, Jane Jiang, Alibaba’s chief people officer, clarified Ma’s plan to support agricultural technology and philanthropy using the funds, emphasizing that Ma has not sold any Alibaba shares as the stock is presently “very much undervalued.”