In his newest effort since stepping back from the spotlight during the height of a government-led industry crackdown, billionaire Jack Ma planted a tiny company to process and sell farmed produce, sparking curiosity about his next ventures. As per the corporate database Tianyancha, “Hangzhou Ma’s Kitchen Food” was established last week by the co-founder of Alibaba Group Holding Ltd. with an initial registered capital of 10 million yuan ($1.4 million). Based on data from China’s National Enterprise Credit Information Publicity System, the company sells packaged agricultural products.
Since 2020, when Jack Ma went away from the spotlight after Beijing clamped down on his twin enterprises, Alibaba and Ant Group Co., as part of a larger push to curb an increasingly dominant private sector, his whereabouts and activities have been the subject of heated discussion.
Ma, whose comments criticizing China’s antiquated financial system sparked the crackdown, has since devoted much of his time to agricultural endeavors through his foundation. He joins a slew of well-known businesses, from Tencent Holdings Ltd. to Meituan, who have poured money into the Communist Party’s “common prosperity” campaign. In recent years, Xi Jinping’s administration has made improving backward rural areas one of the Party’s top priorities.
In March, Jack Ma paid a carefully orchestrated public visit to a school in Hangzhou, which was interpreted as a sign that he was resuming public duties. He’s largely been working on issues related to agriculture and education, two of his major loves.
A few more facts regarding his latest company have emerged. Senior officials from his foundation have key positions at the newly formed firm, according to the South China Morning Post. An Alibaba representative directed Bloomberg’s request for comment to the Jack Ma Foundation, which didn’t respond to requests for comment.