News in brief:
-Â Jack Ma-backed 1.8 Meters Marine Technology has entered the online market, offering seafood products on Alibaba’s Freshippo and Tmall.
– This move represents another step in Ma’s post-retirement focus on sustainable food production as he also launched a pre-packaged food sales and edible agricultural product processing startup.
1.8 Meters Marine Technology, a fishery and agriculture company backed by Alibaba cofounder Jack Ma, set sail in the online sphere this week, offering its seafood products on Alibaba’s Freshippo retail chain and Tmall marketplace.
The venture marks another step in Ma’s post-retirement focus on sustainable food production and agriculture. The Hangzhou-based startup launched with two initial offerings, frozen yellow croaker fish and fresh mussels, both locally sourced from eastern Zhejiang province.
Ma’s foray into agriculture and sustainable food production is fueled by extensive research trips he’s undertaken since stepping down as Alibaba’s executive chairman in 2019. Notably, 1.8 Meters boasts a seasoned Alibaba-veteran leadership team, including Simon Hu Xiaoming (former Ant Group CEO) and Ding Ming (former head of Ant’s investment unit).
Further evidence of Ma’s agricultural ambitions lies in his recent establishment of ‘Hangzhou Ma’s Kitchen Food.â The startup is focused on pre-packaged food sales and processing edible agricultural products. His globetrotting adventures seeking knowledge in this space have seen him visit agricultural labs in the Netherlands, tuna farms in Japan, and shrimp farms in Thailand.
This foray into e-commerce comes amidst significant changes for Alibaba itself. Ma’s return to China this year prompted the company’s largest-ever restructuring, splitting the conglomerate into six independent business units. However, the overhaul encountered its first major hurdle with the cancellation of Alibaba Cloud’s IPO plans in November.
While Ma officially severed corporate ties with Alibaba, his influence remains palpable. This new seafood venture, leveraging the reach of Alibaba’s e-commerce platforms, is likely just the first wave of Jack Ma’s post-retirement agricultural ambitions hitting the digital market.â
