Jack Ma enters into logistics industry with total investment of 300 billion yuan (US$ 48 billion) 18 days after retirement

18 days after retirement, Jack Ma is back. On May 28, wearing tai chi clothing he appeared on center stage, he was particularly excited. Because by the Alibaba Group led “Rookie Network Technology Co., Ltd. (hereinafter referred to as Rookie Network)” was founded in Shenzhen targeting at the logistic industry. The new company has started the so called “China Intelligent Backbone” project national wide. The company has a registered capital of 500,000 yuan with a total planned investment of 300 billion yuan (US$ 48 billion), many famous business celebrities will join the project. Jack Ma himself will be the chairman while Intime Group Chairman Shen Guojun chairs as CEO.

As for Alibaba, after addressing the information flow, capital flow, Ma want to find the logistics break to contribute to Alibaba’s territory. But after five years’ exploring in logistics, it is still uncertain whether Alibaba can find a solution best for the huge and still rapidly growing E-commerce business”.

“Alibaba has spent 10 yeaers in the social construction of logistics infrastructure, it now decided to do another 10 years.” Ma said. In the board of Rookie Network, Ma has already warned all shareholders that in the next 8-10 years the new company may not be likely to make a profit.

Source: 经济观察报

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