Zhang Yong made a gesture while speaking at a panel meeting on the second day of the World Economic Forum (WEF) in Davos, Switzerland, Wednesday, January 22, 2020.
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Alibaba GroupFormer First Red Capital CEO Zhang Yong said on Thursday he will join First Red Capital as a managing partner, six months after leaving the Chinese e-commerce giant.
Firstred posted on its official WeChat account that Mr. Zhang will join the fund to “explore the new future of M&A funds” with its founder Liu Xiaodan. The fund has offices in Beijing and Shanghai and invests in pet medical and semiconductor testing companies.
Zhang worked at Alibaba for 16 years, rising to CEO and chairman before announcing in June that he was stepping down from those positions to focus on the company’s cloud business. However, he also unexpectedly resigned from that role in September.
Alibaba said at the time that Zhang would establish a technology fund with an investment of US$1 billion and give him an “honorary” title, the first time in Alibaba’s history.
Alibaba did not immediately respond to a request for comment on Zhang’s appointment at Firstred and the technology fund. Firstred did not immediately respond to a request for comment from Zhang.
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