- Zhang Yong, former Alibaba CEO, joins venture capital firm Firstred Capital as a partner.
- Zhang brings 16 years of experience, having led critical developments.
- His departure was part of Alibaba’s major restructuring.
A totally new adventure for Zhang Yong
Zhang Yong, former CEO of Alibaba Group, has joined Chinese venture capital firm Firstred Capital as a partner just three months after leaving the tech giant. In his new role, Zhang will “explore a new future for merger and acquisition funds,” according to a statement on the firm’s WeChat account.
Firstred Capital, founded in 2019 by Liu Xiaodan, formerly the chairman of investment company Huatai United Securities, has invested in the semiconductor industry and healthcare for both humans and animals.
Zhang brings 16 years of experience from Alibaba to Firstred Capital, having led some of the most critical developments in the Chinese conglomerate.
He played a key role in the transition of Tmall from a purely PC offering into a mobile app and spearheaded the idea of “Singles Day” on the platform. Known as “the free-spirited one” at Alibaba, Zhang became the firm’s group CEO in 2015 before stepping down in June 2023.
Alibaba’s restructuring after Zhang’s Departure
Zhang’s departure from Alibaba Group was part of its major restructuring, which began a year ago amidst an intensifying battle with competitors like PDD.
Initially set to continue leading Alibaba Cloud Intelligence Group, the firm’s computing services arm, Zhang surprisingly left the company in September 2023.
Alibaba had planned to form six different business units and pursue an IPO for each, but the company shelved plans to list its logistics arm and grocery chain in November 2023.
To read the original article: https://www.techinasia.com/alibaba-group-ceo-daniel-zhang-joining-chinese-vc-firm-firstred-capital
