On February 26th, Joe Tsai, Chairman of Alibaba, stated in a media interview that after a period of pressure, Alibaba is back and has reclaimed its position as one of the top e-commerce companies in China.
"Now, with the restructuring and the new management in place, we are more confident in becoming one of the top e-commerce companies in China. Though we had a period where we weren't as confident as before and felt the competitive pressure, now we are back," said Joe Tsai.
He anticipates that in the next five years, the penetration rate of e-commerce in China will exceed 40%, significantly higher than the current 30% level.
Alibaba had previously shelved its Alibaba Cloud IPO plans. Joe Tsai mentioned that pushing forward with the IPO plan would be more reasonable if investor sentiment improves.
Regarding Cainiao, which has submitted its listing application in Hong Kong, he noted that the current market performance is unsatisfactory, and the company is still waiting for a better opportunity.
On June 20, 2023, Jack Ma, Chairman and CEO of Alibaba Group Holding, announced via an all-staff letter that upon approval by the Alibaba Group Holding Board of Directors, Joe Tsai, Executive Vice Chairman, would assume the role of Chairman of the Alibaba Group Holding Board of Directors. Daniel Zhang was appointed CEO of Alibaba Group Holding while continuing to serve as Chairman of Taobao Group.
At Alibaba, there is one person whose dedication to the company rivals that of Jack Ma. He gave up a high salary to join Alibaba, earning only a few hundred CNY per month, and embarked on the entrepreneurial journey alongside Jack Ma. He is none other than Joe Tsai, often referred to as the "God of Wealth" at Alibaba.
Joe Tsai has played a crucial role in the birth and growth of Alibaba. From the company's founding in 1999 until 2013, he served as the Group's CFO, leading the company to its listing on the New York Stock Exchange in 2014 and subsequently overseeing strategic investments.
Joe Tsai is undoubtedly the "second in command" at Alibaba. Among Alibaba's 18 founders, only two have the qualifications of a lifelong partner: Jack Ma and Joe Tsai.
Many people regard Joe Tsai as the "man behind Jack Ma." He not only contributed his talent and knowledge to Jack Ma but also invested substantial amounts of money to support Alibaba's development.
