For a while, Jack Ma, the co-founder of Alibaba, has been a big name in China’s tech industry. However, it seems like he’s now getting into the food business.
Recently, on Wednesday, reports say that Ma started a new company named “Hangzhou Ma’s Kitchen Food” in the city where Alibaba is located. Hangzhou is also where Jack Ma is originally from.
Moreover, Alibaba cancels Cloud Intelligence Group spinoff, citing U.S. chip export restrictions and facing a market cap loss exceeding $21 billion.
Jack Ma’s Move into Food Industry
According to official records from the National Enterprise Credit Information Publicity System, which is like a corporate registry, the company has a registered capital of 10 million Chinese yuan, which is about $1.4 million. The South China Morning Post, owned by Alibaba, provided this information.
Hangzhou Ma’s Kitchen Food is entirely owned by Ma’s investment company, Hangzhou Dajingtou. The company, called No 22 Arts and Culture, is mainly focused on selling pre-packaged food and dealing with the processing and retail of agricultural products, as reported by SCMP.
Jack Ma seems to have developed a strong interest in agriculture, and this interest grew after the government began cracking down on his businesses in 2020. The crackdown followed a speech where he criticized China’s financial-regulatory system, causing displeasure in Beijing.
The prominent figure in the tech industry, known for his outspoken and flamboyant style, disappeared from the public eye for two years following the crackdown. During this time, his personal wealth took a hit, and his companies experienced significant financial losses in the billions of dollars. Since then, he has maintained a low profile, rarely making public appearances.
Jack Ma’s Worldwide Farming Adventures
In the meantime, instead of being in the spotlight, he has been traveling around the world, focusing on learning about agricultural technology.
In October of 2021, Jack Ma visited Spain to explore agriculture and technology connected to environmental issues. Additionally, he has journeyed to the Netherlands, Japan, and Thailand to gain insights into agrotech.
In May, Tokyo College announced that Jack Ma would be assuming a teaching role while conducting research on sustainable agriculture and food production.
Earlier, in January, he visited Thailand and shared a meal with Supakit Chearavanont, who is the chairman of Charoen Pokphand Group, a significant producer of animal feed.
It’s worth noting that Ma stepped down from Alibaba in 2019. As of now, the Jack Ma Foundation, when approached by Business Insider for comment, has not provided an immediate response.
Jack Ma, co-founder of Alibaba, shifts from tech to food with the launch of ‘Hangzhou Ma’s Kitchen Food.’ The company, backed by a significant capital of $1.4 million, focuses on pre-packaged food and agricultural products. Ma’s interest in agriculture blossomed amid government scrutiny, leading him to explore globally and even take up teaching roles in the field.