Jack Ma, president of Alibaba, plans to resign

He did not stop there. Alibaba's sprawling businesses also include traditional stores, online videos, movies and other businesses, and have sought to expand into promising new markets such as Southeast Asia and India.

But investors have begun to worry in recent months that the Alibaba route is becoming increasingly difficult and that the shares of Alibaba and some of its rivals have fallen considerably in recent months.

The Chinese economy is showing signs of slowing even among the country's wealthiest consumers. It faces growing competition between companies such as Pinduoduo, which addresses the most modest consumers. Its main competitor, JD.com, posted disappointing financial results last month, although Alibaba's results were better.

The Chinese government has also adopted a harder line over the past year. He has cracked down on video games and online news in recent months and, in general, has played a bigger role in private businesses.

The announcement also comes in uncertainty at the top of JD.com. His highest leader, Liu Qiangdong or Richard Liu in English, was arrested in the United States two weeks ago for allegations of sexual misconduct. He denied the prosecution and was not charged with a crime. He was released a day later and has since returned to China.

Alibaba and Ma on Monday described the succession plan as a sign that society does not depend on one person. Mr. Ma's involvement in the company should not end with his resignation. He holds a stake of more than 6% in the shares of the company. Crucially, it will also have a significant influence on the company and its subsidiaries through its complex legal structure. Under Chinese law, crucial licenses to do business in certain industries must remain under the control of Chinese nationals when a company registers its shares abroad, as Alibaba did.

Mr. Ma said that he was retiring to focus on education, his favorite subject. The announcement was made during Teacher's Day, an annual event in China that focuses on education.

"I also want to go back to education, which excites me with so many blessings because that's what I like to do," he said in the statement. l & # 39; company. "The world is big and I'm still young, so I want to try new things – because if new dreams can be realized?"