Jack Ma is a Chinese businessman who is widely acknowledged as one of the wealthiest individuals in his country. Aside from his private companies, he is also the co-founder of Alibaba, a global corporation doing business in information technology.
According to reports, after leaving the limelight for several years, he recently introduced Hangzhou Ma's Kitchen Food, which focused on making ready-to-eat meals.
Jack Ma's Research on Agrotech
(Photo : Unsplash/Ferks Guare)
As per Business Insider, Jack Ma retired from the public eye for two years after facing difficulties from regulatory authorities. He also had a decline in his wealth during this time, and his businesses suffered significant financial losses.
Since the Chinese government has been closely monitoring Jack Ma's economic endeavors, his enthusiasm for agriculture has gained significant support. Therefore, the investigation began in 2020, shortly after he delivered an address about the financial regulatory framework within the country, which caused tension with Beijing.
As mentioned, to learn more about agrotechnology, Jack Ma has shifted his attention to agriculture and has been traveling the world. He went to Spain in October 2021 to learn about farming techniques and technology responsible for environmental concerns.
Additionally, he has investigated the field of agrotechnology in nations such as the Netherlands, Japan, and Turkey. In May, Tokyo College announced that JackMa would accept a teaching job while conducting research on sustainable agriculture and food production. Thus, while he was in Thailand in January, he had a meal with Supakit Chearavanont, the head of Charoen Pokphand Group, a significant animal feed producer.
Nevertheless, Jack Ma decided to enter the food business after the difficulties that his tech-related businesses have encountered due to regulatory actions. This decision aligns with his growing interests in sustainable agriculture and agrotech, reflecting a strategic shift in his attempts.
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Jack Ma's New Business in Food Industry
On Wednesday, Nov. 22, several sources in the media claimed that JackMa established a business under the name 'Hangzhou Ma's Kitchen Food' in the city that serves as the location of Alibaba's headquarters. As mentioned, Jack Ma's hometown is also located in Hangzhou.
He officially launched the firm in China with a capitalization of 10 million yuan, equivalent to $1.39 million, according to the corporate data source Qichacha. Most of the company's revenue reportedly comes from precooked meals, which have been experiencing a surge in demand in China due to the pandemic's effect on people staying at home.
Last year, the Chinese ready meal market, which consists of products that require only heating and eating, was valued at approximately 71.1 billion yuan ($9.9 billion), representing a 28% increase compared to 2018.
Moreover, based on Euromonitor's research, the global market for prepackaged meals that require basic assembly or cooking has almost doubled from 10.6 billion yuan or $1.5 billion in 2018 to 29.1 billion yuan or $4 billion in 2022. On the other hand, Jack Ma's investment vehicle, Hangzhou Dajingtou No 22 Arts and Culture, owns Ma's Kitchen Food. The company is reportedly involved in the purchasing and selling of prepackaged food items, as well as the manufacturing and retailing of agricultural products.
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