After Alibaba announced its largest scale reorganization in March this year, the 618 Shopping Festival has just thrown out heavy news again: It is announced that Zhang Yong will step down as chairman and CEO of the board of directors of Alibaba Holding Group on September 10 this year.
Cai Chongxin and Wu Yongming, who have faded out of Ali's business for many years, will take over the chairman of the board of directors and CEOs, respectively.Some analysts interpret this interpretation, and Ali, who is internal and external internal and external, will be transferred from industry to entrepreneurship.
Zhang Yong's era came to an end?
Although it is not Ali's founding team, Zhang Yong, who has replaced Ali's founder Ma Yun as the chairman of the board since 2019, has established a good deeds for Ali in the past 16 years, and has handed over a beautiful transcript.
Zhang Yong created Ali's most successful "Double 11" shopping festival, led Tmall's rise, completed the wireless transformation of Taobao, and pushed Ali e -commerce to a new height.
Media reports that Zhang Yong, who is known as a "hard -working family" by senior colleagues, is famous for focusing on details and the ability to solve problems. It is generally considered to be very complementary to Ma Yun, who is full of vision.
There are Ali in the staff describing Zhang Yong "good at implementing strategies and implementing the blueprint of Ma Yun more accurately."
However, the Wall Street Journal quoted people familiar with the matter, saying that Zhang Yong, who was a rising star, was not free to control Ali's strong veterans.
In addition, Zhang Yong has made a decision in 2011 to improve the quality of the mall, which has greatly raised the annual annual fee of the merchant's technical service.Two grades of 60,000 yuan and raised the deposit.
This move was interpreted by the outside world as abandoning a small seller, resulting in a group of small and medium -sized merchants began to evacuate from Taobao.
According to the full letter from Ali on June 20, Zhang Yong, who stepped down, will focus on the development of Alibaba Cloud and continue to serve as chairman and CEO of Alibaba Cloud Intelligent Group.
"Man behind Jack Ma" Cai Chongxin
Cai Chongxin, who took over as the chairman of the board of directors of Alibaba Group, was called "the veteran of the veteran" and tied with Ma Yun as Ali Lifetime partners. Ma Yun's trust in his trust was evident.
Cai Chongxin, who was born in Taiwan's legal family, studied at the age of 13 and obtained a bachelor's degree in economics and doctoral degrees from Yale University, and his legendary origin with Ma Yun 24 years ago is still a good story of the venture capital circle.
In 1999, after Cai Chongxin visited Jack Ma's simple office in Hangzhou and communicated with Ma Yun, he resigned from the investment bank with an annual salary of US $ 700,000 to enter Ali with a monthly salary of RMB 500.
Cai Chongxin has been CFO (chief financial officer) in Ali since then, and was transferred to the executive vice chairman of the board of directors in 2013.
During this period, Cai Chongxin not only helped Ma Yun get the investment of Goldman Sachs and SoftBank during the start -up period, but also introduced the management concepts of large international companies into Ali.
In 2014, Cai Chongxin led Ali Group to the United States to go public, creating a record of the largest IPO (first public fundraising) in the history of the New York Stock Exchange.
Cai Chongxin, who withdrew from the front line in 2019, devoted himself to his hobbies -to acquire the Brooklyn Nets in the United States with a record of $ 2.35 billion, becoming the first Chinese boss of NBA.
After Ali announced the reform of the "1+6+N" organization in March this year, Cai Chongxin, known as Ali's "cockpit stone", returned to the rivers and lakes last month.Tmall) Director of the Group.
Media analysis believes that this appointment has a logical coherence with the current coach: Ali is the big shareholder of Cainiao's holding, and Cainiao is currently planning an IPO.Tao Tian Group is wholly -owned by Ali. It is the main source of Ali's profit. As a director, it helps Cai Chongxin to understand Tao Tian's business more comprehensive.
It is worth mentioning that Cai Chongxin's out of the mountain also won the favor of the currency circle because he announced his interest in the Web3 field through Twitter in December 2021: "I like cryptocurrencies (I like Crypto)"
According to the Nanhua Morning Post in January this year, Cai Chongxin's family office Blue Pool Capital is a minority shareholder of FTX and has participated in two rounds of financing of FTX.
COINESK, cryptocurrency information website, believes that people who support cryptocurrencies as high -level institutions in China may be a good signal for cryptocurrencies.
Internal and external pressure behind the coach
The adjustment of Ali's management, in addition to the chairman of the board of directors, Cai Chongxin is the veteran level, Wu Yongming, who served as Ali CEO, is also the "eighteen Luohan" from the founding team.
Wu Yongming, who was called "secret weapon" by Ali, led and promoted the establishment and development of Ali's core business.In recent years, as the founder of Yuanzhang Capital, Wu Yongming also participated in the investment of Didi Chuxing, ideal cars, graffiti intelligence and other projects.
Chinese media analysis believes that Cai Chongxin and Wu Yongming have witnessed Ali's honor and disgrace, and have the right to speak within the group. As Ali has just completed the reform, such coordinators are good news for the management of stabilizing military hearts and Ali multi -business business.Essence
Bloomberg columnist Tim Culpan also believes that Cai Chongxin's helm helps to stabilize the ship of Alibaba Group.
Analysis also predicts that after the Alibaba Group split into six major doors, Zhang Yong, who is in actual combat, will lead Alibaba Cloud to complete the listing. Cai Chongxin and Wu Yongming, who are good at capital operation, can help promote the listing of many Ali business.
In addition, some media quoted a number of Ali employees speculation that this high -level change was like Ma Yun's handwriting.The Wall Street Journal quoted the securities research company analyst Charlie Chai said that the reorganization showed that Ma Yun was returning and would exercise more direct control.
Although Ma Yun no longer holds Ali's official position, the company documents show that he is still one of the largest shareholders. As of 2021, he holds 4.5%of the company's shares.
Alibaba President Michael Evans also confirmed at a event in Paris last week that Ma Yun is still the largest shareholder of Alibaba and still cares about this company.
Jack Ma, who has been traveling overseas in recent years, is indeed very concerned about Ali.From a speech on a event last month, it can be seen that he is very clear about the challenges that Ali faces now, and also knows that these challenges are related to the company's life and death.
According to LatePost reports late, after the dismantling of Ali in May this year, Ma Yun used Nokia and Kodak at the internal communication meeting of Taotian Group, saying that a company was benchmarked from the industry to death. It was enough for half a year to one year.The industry may be faster.
Jack Ma pointed out that to return to Taobao, return to users, and return to the Internet, bluntly is Taobao instead of Tmall, and says that Ali's past successful methodology may not be applicable, and it should be quickly changed.
Blue Whale Finance quoted independent economic researchers Zhang Zhuran said that Ali has always assumed that Chinese consumption is increasingly upgraded in retail, but the actual situation is constantly downgrading.The reason why Ali's main competitors Pinduoduo rose was because its logic focused on consumption downgrade.
Data show that Ali, which once occupied 80%of China's e -commerce market share, fell to 52%in 2021, and in 2022 GMV (total product transaction) was about 8 trillion yuan, a decrease of 1.47%year -on -year.
Compared with Alibaba's weak growth trend, Pinduang ’s GMV over 3.5 trillion yuan in the same year, an increase of 22.95 % year -on -year, and Douyin e -commerce has achieved a growth of nearly 80 %.The GMV of the two companies is equivalent to more than 50%of Ali's Chinese e -commerce business.
an Internet analyst said: "The era of Alibaba's unique family must be passing."
Market response
For investors, Ali Management is a positive signal this time.Ling Weisen, a senior consultant of Asian technology stocks in Union Bancaire Privée, said that Cai Chongxin was very popular with investors and his office should be regarded as good news.
However, the stock price of Ali, who was cut, did not rise and fall after the announcement of the conversion of coaches. New York once fell 4.7%in the early morning of the day.
Analysts believe that although most investors are happy to see the adjustment of management, they must first see real growth.
The fiscal quarter of Ali from January to March this year is one of the slowest growth rates since its listing in 2014.
Ling Weisen said that it is unlikely to boost the stock price of coaches, because the main factor of dragging the stock is geopolitical issues and concerns about the overall economy of China, rather than questioning management.
Ali's e -commerce business seems to be affected by other emerging platforms, but its root cause is that the political and economic environment of both internal and external internal and external has changed.As a benchmark figure in China's private economy, Ma Yun's "comeback" and its Ali coaches reflect the current economic situation that China is not optimistic.
This will also bring deep thoughts to other Chinese private enterprises: in the external environment of Sino -US competition, China and even the global economic recession, even Ali has struggled.Come on blood?
