BABA to Invest USD1B to Aid Daniel Zhang Set Up Fund Focused on Future Tech

In an internal letter to all employees, $BABA-W (09988.HK)$ 's newly appointed chairman Joseph C. Tsai announced that Daniel Zhang has officially stepped down from his positions as chairman and CEO of the group. The positions were succeeded by Tsai and Eddie Wu, respectively. The letter emphasized that Alibaba Group's legacy will continue under the new leadership, and they will work together with all employees to embrace the next stage of development.