TLDR:
Former Alibaba CEO, Daniel Zhang, has taken on a new role as managing partner at China-based venture capital firm, Firstred Capital, focusing on exploring opportunities in mergers and acquisitions funds. Firstred Capital was founded in 2019 by Liu Xiaodan and maintains a low profile in the investment sector despite having investments in diverse industries.
Daniel Zhang, the former CEO of Alibaba Group, has transitioned into the venture capital world by joining Firstred Capital as a managing partner. Zhang’s new role will involve focusing on exploring opportunities in merger and acquisition funds, leveraging his expertise from his 16 years at Alibaba.
Firstred Capital, established in 2019 by Liu Xiaodan, has investments in semiconductor and healthcare industries for humans and animals. While the firm maintains a low profile in the sector, it has a noteworthy portfolio that includes investments in companies like BYD Semiconductor and Jiangsu Changjing Electronics Technology.
Zhang’s departure from Alibaba coincided with the company’s restructuring plan, aiming to divide into six distinct business units potentially pursuing individual IPOs. Alibaba’s decision to defer the listing of its logistics division and grocery chain marked a strategic pivot in its restructuring strategy.
During his tenure at Alibaba, Zhang played a crucial role in the company’s growth, pioneering initiatives like the Singles’ Day shopping festival, which has become a global phenomenon with significant sales figures. His partnership with Liu Xiaodan at Firstred Capital aims to strengthen the firm’s capabilities in mergers and acquisitions.
