ALIBABA co-founder Jack Ma has stepped down as president of an important business group in his home province, as the Chinese billionaire continues to shun the limelight while spending time abroad, reports London’s Financial Times.
Before running afoul of Chinese leader Xi Jinping’s crackdown on tech companies, Mr Ma often gave speeches at the annual year-end bash of the General Association of Zhejiang Entrepreneurs, which he helped found in 2015.
The association is China’s most prominent networking group for founders, helping Zhejiang’s legions of entrepreneurs connect with each other throughout the country and around the world.
But Zhejiang group then said it had given him a new role as ‘adviser’, replacing him with Nan Cunhui, chairman of Chint Group, an energy solutions provider.
