Jack Ma has an investment in fishery and agriculture start-up in hometown of Hangzhou, corporate data shows
- The start-up’s controlling shareholder is Hong Kong-based 1.8 Meters Technology Holding Ltd, which holds 80 per cent, according to Tianyancha
- Ma has made several international trips to learn about sustainable food production in the past few years
Jack Ma is behind a newly-established fishery and agriculture start-up in China, as the founder and former chairman of Alibaba Group Holding increases his focus on this sector after life at the e-commerce giant.
A start-up called 1.8 Meters Marine Technology (Zhejiang) Co was newly incorporated in Hangzhou, capital of eastern Zhejiang province, on July 20 with a registered capital of 110 million yuan (US$15 million), according to corporate registry data provider Tianyancha. The venture’s business scope covers aquatic products, feeding and processing.
The start-up’s controlling shareholder is Hong Kong-based 1.8 Meters Technology Holding, which holds 80 per cent, and its second-largest shareholder is Hangzhou Dajingtou No. 22 Arts and Culture Co, one of the ventures created by billionaire Ma in 2019 for investment deals in China, with a 10 per cent equity stake.
Simon Hu Xiaoming, the former chief executive of Ant Group, also owns a 5.5 per cent stake in the start-up, according to the Tianyancha data.
Ma’s foundation did not immediately reply to a request for comment on the matter on Monday.
The new venture, which also covers processing, wholesale and retail sales of agriculture products as well as development of offshore wind power systems, fits Ma’s keen interest in the agriculture and food sector following his retirement from Alibaba, which owns the South China Morning Post.