27-11-2023 (BEIJING) Famed investor Jack Ma has once again piqued curiosity about his post-Alibaba ventures by seeding a small company focused on processing and selling agricultural produce. The billionaire entrepreneur’s latest endeavour, “Hangzhou Ma’s Kitchen Food,” was established last week with an initial registered capital of 10 million yuan (S$1.94 million), as revealed by corporate database Tianyancha. This move comes as Ma continues to navigate a lower profile following the Chinese government’s industry crackdown.
The primary business objective of “Hangzhou Ma’s Kitchen Food” involves the sale of packaged agricultural products, according to information sourced from China’s National Enterprise Credit Information Publicity System. Jack Ma’s activities and whereabouts have been closely scrutinized since 2020, when he stepped back from the public eye amid regulatory actions against his companies, Alibaba Group Holding and Ant Group.
Ma’s decision to establish the new company aligns with a broader trend among well-known entrepreneurs, including those from Tencent Holdings and Meituan, who have redirected significant investments towards the Communist Party’s “common prosperity” initiative. President Xi Jinping’s administration has prioritized the upliftment of rural areas as a cornerstone of its efforts to promote common prosperity.
Since his retreat, Jack Ma has primarily focused on agricultural pursuits through his foundation. In March, he made a carefully arranged public visit to a school in Hangzhou, interpreted as a sign that he was gradually resuming public activities. Agriculture and education have been key areas of concentration for Ma, reflecting his commitment to projects aligned with these passions.
Details about Ma’s latest venture, “Hangzhou Ma’s Kitchen Food,” remain scarce. Senior officials from his foundation reportedly hold top positions within the newly established firm, according to the South China Morning Post. When approached for comment, an Alibaba representative directed inquiries to the Jack Ma Foundation, which, as of now, has not responded to requests for comment.
