Alibaba’s former CEO Daniel Zhang to join Firstred Capital as managing partner

HONG KONG/SHANGHAI : Alibaba Neighborhood’s inclined CEO Daniel Zhang will likely be half of Firstred Capital as managing accomplice, Firstred Capital said on Thursday, six months after he left the Chinese e-commerce wide.

Zhang will likely be half of the fund to work with its founder Liu Xiaodan to “bump into a peculiar future for merger and acquisition funds,” Firstred said in a post on its official WeChat narrative. The fund has areas of work in Beijing and Shanghai and its investments consist of pet healthcare and semiconductor attempting out companies.

Zhang labored at Alibaba for 16 years, rising to private the CEO and chairman titles sooner than announcing in June he would step down from these positions to focal level on the firm’s cloud alternate. Nonetheless, in September he stop that characteristic as neatly in a shock transfer.

Alibaba said on the time Zhang would build a technology fund that they would invest $1 billion in, and gave him an “emeritus” title, a first in its history.

Alibaba did no longer as we notify answer to a demand for comment on Zhang’s appointment at Firstred and the technology fund. Firstred did no longer as we notify answer to a demand to produce Zhang obtainable for comment.