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Benzinga

Anusuya Lahiri

Alibaba's Jack Ma Severes Ties With Co-founded Lifestyle Firm

BABA (Organization) Alibaba Jet Li Donnie Yen Alibaba Group Holding Ltd Global Times NYSE Taobao

Alibaba Group Holding Ltd (NYSE:BABA) founder Jack Ma Yun and movie star Jet Li have quit Taiji Zen International lifestyle firm, the Global Times reports.
Li stepped down as President and GM of Taiji, while Ma led Hangzhou Kunbao Investment Consultancy Co no longer remained a shareholder of the company.
Taiji’s official store on Alibaba’s online marketplace, Taobao, has few fans, with mats for exercising tai chi, priced at 599 yuan ($94), showing zero sales.
Early in October 2020, Ma stepped down as director of Taiji, with former VP of Alibaba Fan Chi no longer a director of Taiji Zen as of January 2022.
Ma and Li co-founded Taiji to promote tai chi, a traditional form of Chinese martial arts. The pair also withdrew from several cooperation projects.
During the Singles Day shopping festival in 2017, Ma debuted in a movie called Gong Shou Dao, or The Art of Attack and Defence, alongside Li, Donnie Yen, and other movie stars to promote tai chi.
The movie did not garner much attention.
Price Action: BABA shares traded lower by 1.58% at $101.89 on the last check Monday.

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