He co-founded Alibaba in 1999 and it has become one of the world's
biggest internet firms.Mr Ma's success and colourful style has made him
one of China's most recognisable businessmen.To get more
china news online, you can visit shine news official website.
Daniel Zhang, currently Alibaba's chief executive, will replace him
as executive chairman.The company is now valued at $480bn (£389bn) and
Mr Ma is China's richest man, with a net worth of $38.6bn according to
Forbes.
He is also the first founder among a generation of prominent Chinese
internet entrepreneurs to step down from his company."I think it will
be very hard to replace somebody like Jack Ma," said Rebecca Fannin,
author of a book on China's technology titans.Born to a poor family in
the eastern Chinese city of Hangzhou, Mr Ma began his career as an
teacher.
He bought his first computer at the age of 33 and was surprised when
no Chinese beers turned up in his first online search for "beer".
With no background in computing, Mr Ma co-founded Alibaba in his
apartment, having convinced a group of friends to invest in his online
marketplace.
It was not the first time he had tried to get a start-up off the ground.
"Alibaba was his third attempt at a company, he had two trials
before," said Duncan Clark who has written a book about Mr Ma and is
also chairman of investment consultancy BDA China.
"He saw the promise of the internet quite early on, but it took a
while for him to have a vehicle."Over the years, Alibaba has grown from
an online marketplace into an e-commerce giant with interests ranging
from financial services to artificial intelligence.
It was originally set up as a trading platform for businesses,
before expanding into consumer e-commerce in 2003 and later launching
digital payment platform Alipay.
Lacking a background in technology and with no particular strength
in finance, Mr Clark said charisma and strategic vision have been Mr
Ma's biggest assets.
"His charm is a big part of his leadership, his ability to convince
people whether it's customers, employees or critically shareholders."
The author first met Mr Ma two decades ago and the entrepreneur
spoke of making Alibaba one of the top 10 internet companies in the
world within a decade.
"[It was] a sort of impossible ambition in a way but somehow he made
people believe it," Mr Clark said.Earlier this year, he argued in
favour of the "996 system" where workers are expected to work 12 hour
days, and a six-day week - a hotly debated topic in Chinese media.
The flamboyant businessman is also known for enjoying the limelight
and featured at an Alibaba event in 2017 wearing a Michael
Jackson-themed outfit.Quiet, unassuming and known to shy away from the
spotlight, Mr Zhang is nothing like his predecessor.
Inside Alibaba Mr Zhang is reportedly known as Xiaoyaozi, the name
of a character in a Chinese martial arts novel. It means the "unfettered
one"- someone who stays out of battles but is great at training others.
That reputation will come in handy as he steers Alibaba through
arguably some of its most challenging times. The Chinese market, where
it makes two thirds of its revenue, is slowing down.
At the same time, attempts to expand internationally have struggled.
US scrutiny of Chinese firms is blocking its growth in the West. In
parts of South East Asia and India, analysts say understanding how to
work in local markets and with local people is proving to be a challenge
for the Chinese company.
Then there's the delayed multi-billion dollar public offering in Hong Kong, reportedly due to pro-democracy protests there.
Yet Mr Zhang's greatest challenge may be living up to the image of
Mr Ma himself, a man who enjoyed the respect and affection of his staff
as well as the international community.
The Wall