HONG KONG -- Jack Ma, the entrepreneur who built Alibaba Group Holding into a Chinese e-commerce powerhouse two decades ago in his apartment in Hangzhou, China, will officially hand over his chairman title to CEO Daniel Zhang on Tuesday. New York-listed Alibaba, which now has a market cap of nearly half a trillion dollars, says there will be no public events to mark the departure of the company's legendary founder. Instead, Alibaba will host an internal party to celebrate its 20th anniversary, which falls on the same date as Ma's retirement.
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When Alibaba Group Holding founder Jack Ma announced his retirement plans a year ago, the former English teacher made it clear that he wanted to devote himself to education. © Reuters
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