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Founding team members of Alibaba Group Holding converged in Hangzhou on Tuesday, as China's largest e-commerce firm showed a united front after its CEO and chairman announced plans to step aside to focus on the cloud business.
Alibaba co-founder Jack Ma and current CEO and chairman Daniel Zhang Yong appeared together at the office of Alibaba Cloud, which Zhang also heads. In photos and videos of the event, the two smiled while chatting over drinks and walking through the company's campus. Ma, who no longer holds any corporate roles at Alibaba, has spent much of the past year overseas, largely in Japan, according to reports.
Alibaba Cloud did not respond to requests for comment. Alibaba owns the South China Morning Post.
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Joseph Tsai, who is also a co-founder and set to take over for Zhang as chairman, also showed up at the Hangzhou headquarters of Cainiao Network, Alibaba's logistics arm for which Tsai is currently chairman. Cainiao confirmed the visit. Tsai is chairman of the Post.
Joseph Tsai (left), who is chairman of Alibaba's logistics arm Cainiao Network, visited Cainiao headquarters in Hangzhou on Tuesday. Photo: Handout alt=Joseph Tsai (left), who is chairman of Alibaba's logistics arm Cainiao Network, visited Cainiao headquarters in Hangzhou on Tuesday. Photo: Handout>
Zhang is preparing to step aside as CEO and chairman, positions he has held for eight and four years, respectively, amid a massive corporate restructuring that will see Alibaba split into six independently run entities. The groups are free to pursue their own fundraising, including through initial public offerings, which Alibaba Cloud is in the process of doing under Zhang's leadership.
Through the leadership reshuffling, long-time associates of Ma, 58, are returning to top corporate roles at the tech giant.
"We see many former veterans returning to the frontline ... which means Alibaba has made major adjustments after Jack Ma's return," said Cao Lei, director of e-commerce research institute 100ec.
"Alibaba's latest market value is just two-fifths of its highest level," he said. "Tsai needs to do better in its market value management, and continue to tell the story that Alibaba is a technology company."
Tsai, who joined Alibaba when it was founded in 1999, was appointed in May as chairman of Cainiao. Alibaba established the logistics business in 2013, and it aims to complete an IPO in the next 12 to 18 months, according to the company.