Ma Yun Photo: VCG

Jack Ma Yun, founder of e-commerce giant Alibaba, has stepped down as head of the General Association of Zhejiang Entrepreneurs, domestic news site ThePaper.cn reported on Wednesday.

Nan Cunhui, vice-chairman of the All-China Federation of Industry and Commerce and president of intelligent energy solutions provider CHINT, was elected new head of the association, according to the report.

Ma and three other entrepreneurs were hired as counselors.

Ma had been chairman of the association for seven years since its establishment in 2015. East China’s Zhejiang Province had a total of 9.06 million market entities as of the end of August. Based on the size of Zhejiang's permanent resident population at the end of 2021 (65.4 million), there is one boss in every seven Zhejiang residents.

Ma officially stepped down as chairman of Alibaba in September 2019 when he was 55 years old. He currently ranks ninth on the China Rich List compiled by the Hurun Research Institute.

In the quarter ended September, Alibaba's revenue was 207.176 billion yuan ($29.124 billion), an increase of 3 percent year-on-year, according to the company’s financial report.

Global Times