The startup called "1.8 Meters Marine Technology (Zhejiang)" is based in China's Hangzhou city and has a registered capital of 110 million yuan (approx. USD 15 million or Rs 127 crore), said the report citing corporate registry data provider Tianyancha.
While the agritech startup's controlling shareholder is Hong Kong-based 1.8 Meters Technology Holding Ltd, which holds 80% stake. 10 % of the shares is held by one of Jack Ma's investment holdings firms, Hangzhou Dajingtou No. 22 Arts and Culture Co., has a 10% equity stake in the Startup. Besides, Simon Hu, the former chief executive of Alibaba's Ant Group, also owns a 5.5% stake in the start-up, according to the Tianyancha data.
Hangzhou Dajingtou No. 22 Arts and Culture is one of the ventures created by Jack Ma in 2019 for investment deals in China.
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, a Chinese daily which reported this news.
Once the richest in China (2019), Jack Ma is now the fourth-wealthiest person in China with a net worth of $34.5 billion, (after Zhong Shanshan, Zhang Yiming and Ma Huateng), as well as the 39th wealthiest person in the world, as of June 2023 ranking by Bloomberg Billionaires Index.
After criticising Chinese financial regulators and banks in an October 2020 speech, Jack Ma faced a tight scrutiny of the ventures he founded and then eventually he was forced to give up control of his fintech giant Ant Financial in January 2020.
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