Alibaba Group executive Jack Ma will quit from the Chinese company on Tuesday, leaving his handpicked successor an overwhelming undertaking of controlling the $460 billion juggernauts when the market for its center e-commerce business has eased back forcefully.
As Ma, who turns 55 on Tuesday, holds center stage at his goodbye party in the 80,000-limit Hangzhou Olympic Sports Center arena to the backup of music and celebrity performances, participants would like to get hints on how Alibaba will be kept running under his successor Daniel Zhang.
An accountant by profession, calm Alibaba CEO Zhang marks a glaring difference to Ma whose colorful style and magnetic initiative made him the most recognized Chinese businessman since the previous English teacher established the organization 20 years prior in a little shared apartment in Hangzhou city in eastern China.
A week ago, Alibaba reported ventures of $2.7 billion in luxury products retail stage Kaola and a music streaming company in moves that incompletely exhibited its adaptability in receiving new procedures.
China's online retail deals advanced by 17.8 percent in the first half of the year, nearly halving from the 32.4 percent gain of the earlier year, as per the national statistics office.
The withdrawal plan reported by Ma a year ago was seen as surprising as it is uncommon for a founder of such a huge and transformative tech company to resign this early.
Under Ma's guidance, Alibaba has developed to turn into Asia's most profitable listed organization, with a present market capitalization of $460 billion. It provides work positions for more than 100,000 individuals and has ventured into financial services, cloud computing, and AI.