Former Alibaba CEO Daniel Zhang joins Firstred Capital

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Daniel Zhang gestures while speaking during a panel session on the second day of the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, January 22, 2020.

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Former CEO Daniel Zhang will join Firstred Capital as managing partner, Firstred Capital announced on Thursday, six months after leaving the Chinese e-commerce giant.

Zhang will join the fund to work with its founder Liu Xiaodan to “explore the new future of M&A funds,” Firstred said in a post on its official WeChat account. The fund has offices in Beijing and Shanghai and its investments include pet health care and semiconductor testing firms.

Zhang worked at Alibaba for 16 years, rising to the positions of CEO and president, before announcing in June that he would step down from those positions to concentrate on the corporate’s cloud business. But in a surprising move in September, he also stepped down from that role.

Alibaba then said Zhang would create a technology fund wherein it will invest $1 billion and gave him the first-ever “emeritus” title in its history.

Alibaba didn’t immediately reply to a request for comment on Zhang’s appointment at Firstred and the technology fund. Firstred didn’t immediately reply to a request to make Zhang available for comment.

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