Introduction
Jack Ma, the renowned cofounder of Alibaba and a prominent figure in China's tech industry, has recently expanded his business ventures into the food industry. According to media reports, Ma has established a new company called "Hangzhou Ma's Kitchen Food." This company is involved in the sales of pre-packaged food, as well as the processing and retail of agricultural products.
Transition from Tech to Food
After retiring from Alibaba in 2019, Jack Ma has shown a keen interest in the agriculture business. As the poster boy of China's tech scene for many years, Ma's foray into the food industry signals a new chapter in his entrepreneurial journey.
Hangzhou Ma's Kitchen Food
On Wednesday, Ma incorporated "Hangzhou Ma's Kitchen Food" in Hangzhou, the city where Alibaba is headquartered and also Ma's hometown. The company, wholly owned by Ma's investment vehicle Hangzhou Dajingtou, has a registered capital of 10 million Chinese yuan (approximately $1.4 billion).
Hangzhou Ma's Kitchen Food specializes in the sales of pre-packaged food and the processing and retail of agricultural products. This move reflects Ma's growing interest in the agriculture sector, which has seen significant developments in recent years.
Ma's Passion for Agriculture
Following the government's crackdown on his businesses in 2020, Jack Ma's focus has shifted towards agriculture. This change in direction came after his critical speech about China's financial-regulatory system, which angered Beijing.
During his two-year absence from public view, Ma's personal wealth declined, and his companies suffered substantial losses. Since then, he has maintained a low profile and made only rare public appearances.
Exploring Agrotech Worldwide
While keeping a low profile, Jack Ma has been actively exploring the field of agrotech by traveling to different countries. In October 2021, he visited Spain to learn about agriculture and technology related to environmental issues. Furthermore, Ma has traveled to the Netherlands, Japan, and Thailand to study agrotech.
In line with his passion for sustainable agriculture and food production, Ma took up a teaching position at Tokyo College in May. This position allows him to conduct research while contributing to the development of sustainable agricultural practices.
In January, Ma dined with Supakit Chearavanont, the chairman of Charoen Pokphand Group, a major animal feed producer, during his visit to Thailand. These interactions and experiences have further fueled his interest in the agricultural sector.
Conclusion
Jack Ma's establishment of Hangzhou Ma's Kitchen Food marks his entry into the food business. With his vast experience and influence, Ma's foray into the agriculture industry is expected to bring innovative ideas and advancements. As he continues his journey in this new venture, the world eagerly awaits the impact he will make in the food industry.
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By: htan@insider.com (Huileng Tan)
Title: Jack Ma Ventures into the Food Business with Hangzhou Ma’s Kitchen Food
Sourced From: www.businessinsider.com/alibaba-jack-ma-packaged-food-ready-meals-china-tech-crackdown-2023-11
Published Date: Mon, 27 Nov 2023 03:42:52 +0000
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