One of Jack Ma’s holding companies focused on Watch Project Power Onlineart and antiques invested RMB 11 million ($1.5 million) in a newly established marine technology firm, according to Chinese business intelligence platform Tianyancha. Jack Ma’s holding company will own 10% of the new company, founded on July 20 with a registered capital of RMB 110 million ($15 million). According to Tianyancha, the company’s business scope comprises aquaculture, the freezing and processing of aquatic products, and research and development into offshore wind power, among others. Besides Jack Ma, other Alibaba Group executives are involved in the move. Hu Xiaoming, a former CEO of Ant Group, holds 5.5% of shares in the new company, while Deng Zhonghua, who served for 10 years in Alibaba’s big data operations, holds 2.5%. [Tianyancha, in Chinese]
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