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Jack Ma Gives Up as an Owner of Alibaba Business Licenses

Stuti Nandan
Stuti Nandan
Feminist by mind, socialist by heart. Passionate about everything she does, always learn new things with an open mind. A tech savvy and keeps an update about everything happening around, loves reading that is what gives her the best of both world some reality some fantasy.

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Tycoon Jack Ma concedes his ownership of entities that hold Alibaba Group Holding Ltd’s business licenses in China.
Alibaba confirmed this news on Monday of Mr. Ma renouncing his ownership entities.

On Sept 10, Mr. Ma announced that he would step down as the executive chairman of Alibaba in 1 year to handle the Chief Executive Daniel Zhang job.

He decided to continue as a founder or partner of the group of a senior executive who will have all rights to nominate the company’s share.

Alibaba reported revenue of $11.83 billion in its second quarter, up 61% year over year, it also dominates eCommerce in China through online sales platforms.

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