Billionaire Jack Ma invests in fishery & agriculture startup

The startup, called “1.8 Meters Marine Technology (Zhejiang) Co has been incorporated in Hangzhou, capital of Zhejiang province, with a registered capital of 110 million yuan ($15 million), reports South China Morning Post, citing corporate registry data provider Tianyancha. The startup caters to processing, wholesale and retail sales of agriculture products as well as development of offshore wind power systems. Simon Hu, former chief executive of Ant Group, also owns a 5.5 per cent stake in the startup, according to the report. The startup’s controlling shareholder is Hong Kong-based 1.8 Meters Technology Holding Ltd, which holds 80 per cent stake. The new venture, which also covers processing, wholesale and retail sales of agriculture products as well as development of offshore wind power systems, fits Ma’s keen interest in the agriculture and food sector following his retirement from Alibaba, which owns the South China Morning Post. Ma recently made several international trips to learn about sustainable food production. In Japan, he spent time studying fisheries and tuna farming and in Thailand, the billionaire visited a sea shrimp farming factory. Alibaba has also invested in agriculture-related technology. In May, the University of Tokyo announced that Ma will teach as a visiting professor, giving lectures on management and sustainable agriculture. Ma accepted an invitation from Tokyo College, a new institution run by the University of Tokyo. His tenure will continue till October 31, and his contract may be renewed annually. His research area will be sustainable agriculture and food production. The 58-year-old has kept a low profile since criticising China's financial regulators in 2020. --IANS na/vd

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