Daniel Chang gestures as he speaks during a panel discussion on the second day of the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, January 22, 2020.
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Alibaba GroupFormer Firstred Capital CEO Daniel Zhang will join Firstred Capital as managing partner, Firstred Capital said on Thursday, six months after leaving the Chinese e-commerce giant.
Firstred said in a post on its official WeChat account that Zhang will join the fund to work with its founder Liu Xiaodan to “explore a new future for M&A funds.” The fund has offices in Beijing and Shanghai, and its investments include pet healthcare and semiconductor testing companies.
Zhang worked at Alibaba for 16 years, rising to serve as CEO and chairman before announcing in June that he would step down from those positions to focus on the company's cloud business. However, in September, he also resigned from that role in a surprise move.
Alibaba said at the time that Zhang would establish a technology fund in which they would invest $1 billion, and awarded him an “honorary” title, the first of its kind in its history.
Alibaba did not immediately respond to a request for comment on Zhang's appointment to Firstred and the technology fund. Firstred did not immediately respond to a request to make Zhang available for comment.
