Amid the US-China trade war, China’s richest man and the founder of the Alibaba group Jack Ma has stepped down as the Chairman of the group. He announced his retirement from the post on his 55th birthday and would now stay only as a member of the Alibaba partnership, with the right to nominate the majority of the company’s board of directors.
The company amid the trade war has shifted its focus inwards and has started investing in the Chinese consumer markets and expanded its business into online banking, entertainment and software industry. 66pc of the total revenue of Alibaba’s total revenue of $16.7, in the quarter ending in June 2019, came from the domestic businesses.
Alibaba is a platform used to connect American buyers with Chinese suppliers and the US was the major user of Alibaba’s services. After the trade war started, the sales through Alibaba decreased by over 17pc.
Jack ma would be succeeded by an accountant of Alibaba company Daniel Zhang, who has been in the group for 12 years. He was previously the president of it’s Tmall.com wing.