HONG KONG - Jack Ma's exit ushers in a nervous new era for Chinese tech. The charismatic co-founder of the US$460 billion-plus Alibaba will step down from his chairman role when he turns 55 on Tuesday . His exit comes as Beijing tightens its grip on fellow bosses like Tencent's Pony Ma, who must also grapple with a slowing economy.
Ma will be leaving on a high note compared to some contemporaries. Baidu's Robin Li, who is in charge of China's top search engine, has seen his company's market capitalisation halve over the past year on the back of strategic missteps. Video-games group Tencent can't seem to stay out of hot water with officials. Its music-streaming arm is currently facing antitrust scrutiny, according to media reports last month, following a bruising clampdown on its core business last year.
Moreover, it has taken steps to improve governance and transparency. The company hosts annual investor days at its Hangzhou headquarters, and last year published its first environmental, social and governance report. Ma's succession planning also distinguishes him from many counterparts, such as Richard Liu at rival JD.com, who have no obvious second in-command in place.