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Jack Ma reportedly invested $1.4 million to enter the food business. The Alibaba founder opened a food processing company simply called “Ma’s Kitchen.”
The launch of his new business comes amid the wide tech crackdown in China that affected Alibaba’s operations. In any case, it was said that the English name of the Ma’s new venture is “Hangzhou Ma’s Kitchen Food.”
Details of the New Business
CNN Business reported that based on the public records in Beijing, the new business was formally established last week in Hangzhou, which is the hometown of the 59-year-old Chinese business magnate. This region, located in eastern China, is where Alibaba is also based.
As indicated in the country’s government-operated corporate registry, the National Enterprise Credit Information Publicity System, Ma’s Kitchen is a company that will mainly engage in the selling of pre-packed food items. It will also import and export products in addition to selling edible agricultural produce.
The registry showed that Jack Ma put in ¥10 million as capital for the business, equivalent to $1.4 million in US dollars. The owner listed in the system is Hangzhou Dajingtou No. 22 Arts and Culture, an entity that Ma wholly owns. There are no exact details with regard to what kind of food that Ma’s Kitchen is producing.
Ma’s Comeback in the Business Space
As per TechNext24, the launch of Ma’s Kitchen stirred speculation about what business Jack Ma intends to do in the future. The new food company also marks his return to active business activities after disappearing for a while amid Beijing’s intense scrutiny of his e-commerce and tech conglomerate.
Meanwhile, the industry is keeping a close watch on Jack Ma’s newest endeavor. And since he is leaning toward the agriculture trade, it was said that business insiders are starting to get curious about the potential impact this may have on the agricultural field since Ma is still quite a powerful figure in the industry.
Photo by: Ma’s Kitchen Website
