Alibaba’s former CEO Daniel Zhang Yong joins Beijing-based investment fund Firstred Capital
- Zhang, who left Alibaba last September, will focus on mergers and acquisitions as managing partner at Firstred Capital
- Alibaba co-founder Joe Tsai said last year the e-commerce giant would invest US$1 billion in a techology fund established by Zhang
Daniel Zhang Yong, who stepped down as chairman and CEO of Alibaba Group Holding last year, has joined Chinese investment fund Firstred Capital.
The internet industry veteran, who spent 16 years climbing the ranks at South China Morning Post owner Alibaba, will assume the role of managing partner at Firstred Capital, focusing on Chinese mergers and acquisitions, the investment house announced on its WeChat account on Thursday.
Zhang, who will work alongside Firstred founder Liu Xiaodan, said they will combine their expertise in corporate management, industry operations and capital markets to build “core competitiveness” in “future-facing M&A investments”, according to the post.
Liu said Zhang “will further strengthen the team’s professional capabilities, expand its global vision, and accelerate its upgrade”.
01:53
Alibaba names co-founder Joe Tsai chairman, in surprise shake-up as Daniel Zhang steps down
At the time, Tsai said in a letter to staff that Alibaba will invest US$1 billion in a technology fund established by Zhang to “support Alibaba’s strategy of investing for future growth and continuing to develop our technology ecosystem”.