Alibaba Returns to China's Top E-commerce Track
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Alibaba Chairman Joe Tsai stated in an exclusive interview that after a period of pressure, Alibaba has returned and regained its position as one of China's top e-commerce companies.
"Now, with the restructuring and new management in place, we are more confident than ever in becoming one of China's leading e-commerce companies. Although we went through a phase where we weren't as confident as before and felt competitive pressure, we are now back," Tsai said.
He predicts that China's e-commerce penetration rate will exceed 40% in the next five years, significantly higher than the current 30%.
Regarding Alibaba Cloud's previously shelved IPO plan, Tsai mentioned that proceeding with the IPO would only make sense if investor sentiment improves.
As for Cainiao, which has already submitted its listing application in Hong Kong, he stated that the current market performance is weak, and the company is still waiting for a better opportunity.
On June 20, 2023, Daniel Zhang, Chairman and CEO of Alibaba Group Holding, announced in a company-wide letter that, with the approval of the board, Executive Vice Chairman Joe Tsai would assume the role of Chairman of Alibaba Group Holding. Meanwhile, Eddie Wu would become CEO of Alibaba Group Holding while continuing to serve as Chairman of Taotian Group. At Alibaba, there is a person whose contributions to the company are no less significant than Jack Ma's. He gave up a high-paying job to join Alibaba, earning just a few hundred yuan while starting the business with Jack Ma. This person is Joe Tsai, known as Alibaba's 'God of Wealth'.
Joe Tsai has always played a vital role in Alibaba's birth and growth. From the company's founding in 1999 to 2013, he served as the group's CFO. In 2014, he led the company's listing on the New York Stock Exchange and later took charge of strategic investments.
Joe Tsai is undoubtedly the 'second-in-command' at Alibaba. Among the company's 18 founders, only two hold the title of lifetime partner: Jack Ma and Joe Tsai.
Many refer to Joe Tsai as 'the man behind Jack Ma.' He not only contributed his talent and knowledge to Jack Ma but also invested substantial financial resources to support Alibaba's development.