About three years after disappearing from public view, former Alibaba chairman Jack Ma lately turned to farm tech by investing in a fishery and agriculture startup in China, in keeping with the South China Morning Submit.
The startup known as 1.8 Meters Marine Know-how (Zhejiang) Co is predicated in China’s Hangzhou metropolis and has a registered capital of 110 million yuan (approx. Rs 127 crore), stated the report citing company registry information supplier Tianyancha. It additionally covers processing and gross sales of farm merchandise moreover creating offshore wind energy programs.
One in every of Ma’s funding holdings companies, Hangzhou Dajingtou No. 22 Arts and Tradition Co., has a ten per cent fairness stake within the startup, reported SCMP.
Nevertheless, Ma’s new enterprise is a not a whole shock. He has been travelling internationally to analysis about sustainable meals manufacturing prior to now few years. He was additionally a visiting professor at Tokyo Faculty, the place he taught sustainable agriculture and meals manufacturing. In response to SCMP, he intently studied fisheries and tuna farming in Japan and visited a sea shrimp farming manufacturing unit in Thailand in January. In July 2022, he toured a college within the Netherlands to study sustainable agriculture. In October 2021
Jack Ma’s fall
As soon as the richest man in China, Ma has stored a low profile since criticising monetary regulators in an October 2020 speech, whereby he stated conventional Chinese language banks have a “pawnshop” mentality. This led to rigorous scrutiny of his ventures, with Chinese language authorities canceling a deliberate Rs 2.74 lakh crore inventory market flotation of fintech large Ant Group, which he co-founded however now not controls. He was ultimately compelled to surrender management of Ant in January.
In response to the Bloomberg Billionaires Index projections launched in July, Ma’s fortune is estimated to be value lower than half of what it was simply three years in the past. His wealth has come down by $4.1 billion over the previous 12 months after the valuation of Ant Group fell.