Daniel Zhang gestures as he speaks in the course of a panel session on working day two of the Globe Economic Forum (WEF) in Davos, Switzerland, on Wednesday, Jan. 22, 2020.
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Alibaba Group‘s previous CEO Daniel Zhang will join Firstred Cash as taking care of husband or wife, Firstred Cash mentioned on Thursday, 6 months following he remaining the Chinese e-commerce big.
Zhang will be part of the fund to work with its founder Liu Xiaodan to “investigate a new upcoming for merger and acquisition cash,” Firstred said in a write-up on its formal WeChat account. The fund has workplaces in Beijing and Shanghai and its investments include pet health care and semiconductor tests corporations.
Zhang labored at Alibaba for 16 many years, rising to maintain the CEO and chairman titles just before saying in June he would step down from individuals positions to focus on the firm’s cloud business. Having said that, in September he stop that function as very well in a shock go.
Alibaba claimed at the time Zhang would create a know-how fund that they would spend $1 billion in, and gave him an “emeritus” title, a first in its history.
Alibaba did not instantly react to a request for comment on Zhang’s appointment at Firstred and the technology fund. Firstred did not straight away react to a request to make Zhang available for remark.