Jack Ma's new company, Hangzhou Ma's Kitchen Food, was launched last week in his hometown of Hangzhou, a logical move for the billionaire as packaged food is booming in China.
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| As packaged food is booming in China, Jack Ma has founded a new company in this field. |
The new company's business scope will expand to selling prepackaged foods, processing and retailing edible agricultural products, according to Ma's Kitchen.
Jason Pau - executive director of international programs at the Jack Ma Foundation charity - is listed as the company's CEO and general manager.
Xu Shi, another former executive at Jack Ma's fund, will oversee the new business, according to Chinese media, citing information from business registration data provider Tianyancha.
Ma's Kitchen will deliver pre-prepared meals - an industry that is booming in China as investors look to cash in on changing lifestyles during the pandemic.
The domestic ready-to-eat food industry is expected to reach around 510 billion yuan in revenue this year, with the potential to double in the next three years, according to a report by iiMedia Research.
Jack Ma stepped down as Alibaba chairman on his 55th birthday in 2019, and has turned his attention to agriculture andeducation in recent years.
In addition to Ma's Kitchen, Jack Ma has several other companies betting on agriculture. In July, he was found to be behind a seafood and agriculture startup called 1.8 Metres Marine Technology, which was registered at 110 million yuan.
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