Jack Ma, who is the co-founder of the Alibaba Group Holding Ltd., has recently re-entered the business with his latest venture in agricultural products. Jack Ma is now starting Ma’s Kitchen Food which plans on selling packaged agricultural products. This is the first time since he has returned to the public eye since 2020. Here are all the important details that you would need to know about this particular update.
Jack Ma Starts A New Business Venture; First Since 2020
Jack Ma recently sparked quite a lot of speculation about his next business venture as he seeded a small company. The company is to process as well as sell farming produce. According to an article which was recently published by CNBC, the company is being called Ma’s Kitchen Food. This is his first foray into the business world since 2020.
He set up “Hangzhou Ma’s Kitchen Food” the initial registered capital of which was 10 million Yuan or $1.4 billion. According to an article by Newsable, this business is fully owned by Hangzhou Dajingtou No. 22 Arts And Culture. This is another one of Ma’s ventures in which he has a 99.9 per cent stake and was set up in 2019 for investment deals in China.
As per the article, primary processing and retail of edible agricultural products and selling of pre-packaged and pre-cooked food will all come under the purview of Ma’s Kitchen Food. Post-pandemic, there has been a shift in the eating habits in China. People are gravitating more towards pre-cooked food to support their stay-at-home culture.
Other Details About This New Update
Ma, therefore, is taking advantage of this shift and providing alternatives for such individuals who may have a penchant for pre-cooked meals. This is his first business venture since he stepped out of the spotlight in 2020, as per multiple reports. On his 55th birthday in 2019, Jack Ma resigned from the Alibaba Group as CEO.
As per the Newsable article, it is suggested that after his retirement, he may be focusing on expanding into new fields and hence entering the agriculture and food industry. Alibaba has been grappling with China’s increasingly stringent laws which are designed primarily to contain big companies.
Jack Ma even left China and was living in different parts of the world until this spring. Many have discussed Ma’s location and his activities. He has been spotted in regions like Japan and Southeast Asia as well as Europe. The newest venture will take advantage of the lifestyle shift that China has witnessed since the pandemic.
Also Read: China’s Pneumonia Outbreak: Here’s All You Need To Know About The Sudden Spread Of The Disease
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Cover Image Credits: Flickr/World Economic Forum
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