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Prologue: The Foundation of My Life and My Earliest Dreams
Childhood and Education: An Underdog’s Encounter with English
My name is Ma Yun. I was born on September 10, 1964, in an ordinary family in Hangzhou, Zhejiang. We were by no means affluent. If you were to describe my childhood and school years in a few words, “smooth sailing” would hardly apply. As a child, I was seen by my teachers as something of a “mischievous kid” whose grades often left them shaking their heads. In hindsight, those experiences as a “poor student” may have been fate’s first test for me. I took the entrance exam for key primary schools twice, and for university three times during secondary school—especially math, which was a nightmare. I even recall scoring only one point in math on the college entrance exam. Rather than crushing me, these early setbacks taught me to get used to rejection and made me realize that life is rarely easy; often, you must work harder than others to seize even the most remote chance.
Despite my academic struggles, I inadvertently opened a window in life—English. Around the age of 12, I inexplicably developed a keen interest in the language. In 1979, when the winds of reform and opening up reached Hangzhou, increasing numbers of foreign tourists began arriving along West Lake. To me, it was a godsend opportunity. Every morning, I would ride my old bicycle, rain or shine, to the area near Hangzhou Restaurant and volunteer as a tour guide for foreigners—simply to have a few English conversations and practice my speaking skills. I maintained this daily routine for nine full years. Those nine years at the “West Lake English Corner” not only accelerated my English proficiency but also allowed me to encounter people from various cultural backgrounds and hear a multitude of fascinating perspectives.
From those chance encounters with foreign friends, I gained much more than fluent spoken English—I acquired a broader worldview and an open heart. This subtle influence may have, in some mysterious way, set the stage for my later role in linking China to the world. I was never a traditional top student, but by finding my own learning path through this unique means, I experienced the world’s vast diversity well in advance.
Three Attempts at the College Entrance Exam and Becoming a Teacher
The college entrance exam was, for me, a long and winding journey filled with sweat and regret. The first two failures—especially the dismal math scores—were particularly crushing. I remember scoring a mere one point on one occasion and just 19 on another. Even my family urged me to give up, but my stubborn refusal to admit defeat made me keep fighting. I firmly believed that hard work would eventually pay off. In 1984, I took the exam for the third time. This time, I scored 89 in math. Although my total score barely met the specialized line for the Foreign Languages Department at Hangzhou Normal College—where I studied foreign trade and languages—I knew it was the result of my persistent effort. As I later often said, “It’s not all about the college entrance exam. Every child has a different fate and ability, but hard work should always be emphasized. Had I not gotten into college, I wouldn’t be where I am today.”
Entering Hangzhou Normal College felt like stepping onto my own stage. Here, my talents in English were fully recognized, and I actively participated in various school activities. Thanks to my enthusiasm and some organizational skills, I was elected first as the student union president and later as the Chair of the Hangzhou Federation of Students. These experiences honed my communication, coordination, and public-speaking abilities and made me experience early on what leadership truly means—not simply power, but responsibility and commitment. In 1988, I graduated with a Bachelor’s degree in English and was assigned to the Basic Department of Hangzhou Institute of Electronic Industry (now Hangzhou Dianzi University), where I began my career as an English and International Trade teacher. Despite the rocky path of the college entrance exam, I did not let it defeat me; instead, I seized every opportunity to learn and strengthen myself.
My leadership experiences as a student taught me that even if you are not a “star pupil” in the traditional sense, you can still demonstrate your worth in other ways and serve others. This belief—that success should not be measured by a single standard—has profoundly influenced my later views on talent management.
The “Teacher” I Admire: A Role that Shaped My Life
My six-year career teaching at Hangzhou Institute of Electronic Industry remains one of the most invaluable and unforgettable periods of my life. Although, as a young college teacher, my salary was very meager—only 110 yuan per month—and my living conditions were modest, I loved my work. My classes were always packed, and my attendance rate was often the highest in the school. I never took attendance by name because I believed that what truly captivated students was the content and passion of the course, not the cold enforcement of discipline. In class, I not only taught English and international trade theory, but I also shared my experiences and insights about life and the world, hoping that my students would not only gain academic knowledge but also cultivate independent thinking and a positive attitude toward life. Many of Alibaba’s later core members, such as Dai Shan, were once my students. Witnessing their growth and achievements filled me with genuine satisfaction.
I’ve often said that deep down, I am a teacher at heart—a profession I cherish above all. To me, a teacher’s duty is to discover talent, ignite dreams, and encourage students to surpass themselves. This philosophy eventually became part of Alibaba’s corporate culture. I once said, “I feel like I never stop being a teacher. Everything I learned from Hangzhou Normal College and my teaching experience I have carried with me into Alibaba.”
Even after founding a company and facing the myriad challenges of the business world, I continued to view my team, my customers, and the entire commercial ecosystem through a teacher’s lens. I fully understood the profound influence of education—it not only shaped my knowledge but also my values. I recognized the importance of hard work and understood that every individual has unique potential and destiny. That period as a teacher taught me how to communicate, how to inspire others, and how to build trust—treasures that later became invaluable as I embarked on my entrepreneurial journey. It taught me that true leadership isn’t about holding oneself above others, but about serving and empowering them.
Chapter One: Going Online—Opening a Window to the World
The Shock of Seattle: My First “Encounter” with the Internet
A turning point in life often comes unexpectedly. In 1995, an accidental trip to the United States completely changed my trajectory. At that time, I was sent by the Zhejiang Transportation Department to collect a debt. Although I never recovered that money, I inadvertently stumbled into a brand-new world—a realm that left my heart pounding and my eyes wide open: the internet.
It was my first true encounter with and experience using the internet. In Seattle, at a friend’s house, he introduced me to this marvelous “network.” Honestly, before going to America, I was almost completely clueless about computers—I was essentially “computer illiterate.” When my friend encouraged me to type something into Yahoo’s search box, I hesitantly entered the word “beer.” The search results displayed a dazzling array of beer brands from Germany and the United States. What surprised and confused me, however, was that I couldn’t find a single piece of information on Chinese beer. I tried searching for other China-related terms, with equally scant results. In that moment, a strong thought flashed in my mind: on the internet, there was virtually no information from China—Chinese products and companies were nearly invisible on this emerging digital continent.
I was both shocked and exhilarated by this discovery. I immediately thought of Haibo Translation Agency, a business I had started with a friend back home. Why not use this amazing tool to advertise our translation services? With a friend’s help, we put the translation agency’s information online. I remember that it was finished around 10 AM, and unbelievably, in less than two hours, by noon, I had received six emails from around the world—from the United States, Germany, and Japan—all saying that this was the first piece of commercial information from a Chinese company they had seen online, and they were interested in our services.
In that instant, my blood surged with excitement. I blurted out, “There is a huge business opportunity here!” I realized that the internet was not just a fascinating tool—it was an untapped “gold mine” full of potential. That unexpected discovery, that first online encounter on foreign soil, ignited the entrepreneurial flame within me and opened a window to an entirely new world for my future.
Founding China Pages: Navigating Through Skepticism
After returning from Seattle to Hangzhou, I couldn’t shake the feeling of awe, as the magic of the internet pulled at me like a giant magnet. I made a decision—which many at the time thought was crazy—to quit my stable job as an English teacher at Hangzhou Institute of Electronic Industry and plunge into the ambiguous yet alluring world of the internet.
In the spring of 1995, my wife Zhang Ying, a friend, and I pooled some money to launch my first internet company—China Pages. Our idea was simple: to put information about Chinese companies online so that foreign customers could find Chinese suppliers through the network. Today, this may seem like a conventional business model, but at that time, it was groundbreaking. Few in China had even heard of the internet, let alone seen it in operation. I recall that to show potential customers our service, I had to mail printed web pages from the United States via EMS and physically show them the evidence that such information existed online, even though it was on the far side of the world. Understandably, many regarded me with suspicion, even accusing me of telling tall tales.
During that period, my main task each day was to patiently explain what the internet was, its magic, and how it could help their businesses reach the world. I was often labeled a “fraudster.”
When I registered the company with the local authorities, I had to go to great lengths to explain what an “internet company” was. The staff even combed through dictionaries looking for the term, and in the end, we had to register under the name “Hangzhou Haibo Computer Service Co., Ltd.”—probably the very first internet company in Hangzhou to operate under the banner of “computer information services.” Despite the challenges of scarce funding, underdeveloped technology, and widespread skepticism and misunderstanding from others, I always believed deep down that the internet represented the future, one that would fundamentally transform business and society.
I remember, while promoting China Pages in Beijing at night, I stood alone on Chang’an Street. Despite the fatigue and hardship of starting a business, I quietly told myself, “The internet isn’t a scam. In a few years, Beijing will come around and everyone will know what we do.” This belief carried me through the uncertainty and difficulty. The experience taught me just how challenging it is to promote an entirely new concept and business model, but it also sharpened my rhetorical skills, resilience, and keen market insight.
The “Fraudster” Label and Lessons in Beijing
Looking back on the days of founding China Pages, those were passionate yet grueling times. Our biggest challenges were not only capital and technology but also the entrenched mindset of the people. In an era when the internet was barely known, pitching an intangible “homepage” to companies was almost synonymous with fraud. Even so, we achieved some results—China Pages began to bring in genuine orders for several companies, proving the internet’s value.
However, as our business grew, disagreements regarding operating philosophies and development directions emerged with our local partner, Hangzhou Telecom. They were focused on immediate profits, while I looked to nurture the long-term potential of the internet—as if one were raising a child rather than forcing a toddler to earn money immediately. In early 1997, I ultimately made the difficult decision to abandon China Pages. I transferred my 21% stake at a very low price, reclaiming just over 100,000 yuan.
Although, by business standards, the venture was not successful, it deepened my understanding of the internet and taught me that in China, passion and ideas alone are not enough to succeed—you must also navigate a maze of complex relationships. This experience also impressed upon me one of the most valuable lessons from my first entrepreneurial failure: “In business, personal heroism must be set aside. In the end, personal heroism will only harm the company.”
Soon after giving up on China Pages, I received an invitation from Beijing. The Ministry of Foreign Trade (now the Ministry of Commerce) was setting up the China International Electronic Commerce Center (EDI) and wanted me to join. With my five close companions from the early days, I set off north with great excitement. In Beijing, we rented a small 20-square-meter room and began another arduous entrepreneurial journey. In those 15 months, we worked day and night to successfully build several websites—including the official site for the Ministry of Foreign Trade and an online China Commodity Trading Market. Notably, the online China Commodity Trading Market we operated netted 2.87 million yuan in profit—a remarkable achievement in an era when internet ventures were notorious for burning through cash. It also confirmed my judgment on the viability of the e-commerce model.
Though during that period we earned mere thousands of yuan per month and equity arrangements were never finalized, I accumulated invaluable networks and resources, and more importantly, I clarified the future direction of my career. Through the platform of the Ministry of Foreign Trade, I met Yahoo’s co-founder, Yang Zhiyuan, and established extensive contacts within China’s foreign trade sector. All of these experiences laid a solid foundation for my later founding of Alibaba.
Although those years were full of challenges and uncertainty, and even carried a hint of dramatic “heroic struggle,” the passion in my heart and my unwavering belief in the transformative power of the internet never faded. Every “failure” and every “sacrifice” fueled the next leap forward.
Chapter Two: Alibaba—Making Business Easy for Everyone
The Oath at Lakeside Garden: Gathering the “Eighteen Heroes”
My time in Beijing deepened my understanding and confidence in e-commerce. In early 1999, I felt that the time had come to launch a venture that was truly our own. On February 21 of that year—a day I will always remember—I convened with 17 like-minded partners at my home in the Lakeside Garden community in Hangzhou. Among those present were colleagues, former students, friends, and, including my wife Zhang Ying, we totaled 18 people—later dubbed Alibaba’s “Eighteen Heroes.”
I vividly recall that day. The room was crammed with people, both sitting and standing, with an atmosphere of solemn determination and expectancy. Standing before them, I delivered an impassioned speech that lasted two to three hours. I painted a picture of my dream: to create an e-commerce company run by Chinese people that would serve small and medium-sized enterprises around the globe. I told them, “From this moment on, we are going to do something great. Our B2B model will revolutionize the way internet services operate!”
Well aware of the hardships and risks of entrepreneurship, I put forward what seemed to be a somewhat harsh requirement at the time: the startup funds had to come exclusively from each person’s “pocket money.” Borrowing from family or friends was absolutely out of the question. I anticipated a high chance of failure and did not want our venture to burden innocent relatives or friends. I even spoke in a near-tragic tone: “We must be prepared for the worst. But even if Tyson knocks me down, as long as I live, I will get back up and continue fighting!”
I also candidly told those partners that in the early days of the company, they might only serve as platoon or company commanders—key executive roles above that level would have to be filled from outside. I wanted them to understand that we were building a future-oriented company, one that would continuously attract even better talent. In spite of the difficult conditions and uncertain future, those wonderful partners chose to believe in me and in this seemingly unattainable dream. Together, they pooled 500,000 yuan—that was Alibaba’s entire initial capital. That sum represented far more than money; it carried the fervor of 18 passionate hearts and a deep trust.
In that moment, I knew I was not fighting this battle alone. This bond of shared vision and trust became the cornerstone of Alibaba’s future growth and resilience. I understood that achieving success required not only a dream but also a team of like-minded, dedicated individuals who would share in both the hardships and the triumphs.
Early Days of Entrepreneurship: Fiery Passion and Difficult Survival
The early days at Alibaba can be summed up as “fiery passion” and “struggling to survive.” Our first office was my home in Lakeside Garden—a small apartment still reeking of fresh paint. At our peak, as many as 35 people squeezed into that tiny space. To devote ourselves fully to our work, I set a rule: all employees had to rent a place near my house so that they could reach the office within five minutes. Our salaries were far from generous—everyone started at 500 yuan per month—and for the first ten months, we hardly took a day off. I would often tell the team, “Once the starting pistol fires, you don’t have time to watch how others run—you must sprint forward!”
Each of us worked like clockwork, often putting in 16 to 18 hours a day. When we were exhausted, we would simply lie on the floor to rest briefly before diving back into work. Despite the harsh conditions, the entire team was fueled by entrepreneurial passion and visions for the future. We gathered together to brainstorm, solve problems, and the atmosphere was filled with idealism. Sometimes, when I saw everyone so tired, I would cook a few simple dishes to lighten the mood. The shared hardships forged an extraordinary bond within our startup team.
The origin of the name “Alibaba” is also somewhat dramatic. At the end of 1998, while on a business trip in the United States, I was dining in a restaurant when the word “Alibaba” suddenly sprang to mind. I casually asked the waiter if he knew the story behind Alibaba, and he replied, “Of course—it’s ‘Open Sesame!’” I later asked several passersby on the street, and nearly everyone gave the same answer. In that instant, I thought the name was brilliant! Not only was it easy to pronounce in many languages, but its association with “Open Sesame” carried a wonderful meaning: it symbolized unlocking wealth for small and medium-sized enterprises. Out of more than a hundred candidate names, I ultimately chose “Alibaba.”
As for Alibaba’s business model, it wasn’t imagined out of thin air. It was based on my practical experience operating the online China Commodity Trading Market during my tenure at the Ministry of Foreign Trade. That platform had already proven the feasibility and profitability of the B2B model. I was fully aware that, with China on the brink of joining the World Trade Organization, the demand for export channels among domestic small and medium-sized enterprises would surge unprecedentedly. They urgently needed an independent, efficient, and low-cost international trade channel—and the internet was the best tool to achieve that goal.
I believed Alibaba could and should shoulder this historical mission: to help Chinese small and medium-sized enterprises go global and “make business easy for everyone.” This powerful sense of mission became the driving force behind our early efforts to overcome many obstacles.
The Road to Funding: Joe Tsai’s Arrival and Son Masayoshi’s Six-Minute Encounter
On the path of entrepreneurship, capital is an unavoidable hurdle. The initial 500,000 yuan startup fund soon proved woefully inadequate for our ambitious plans. Just as we were fretting about money, someone crucial for both me and Alibaba appeared—Joe Tsai.
One day in 1999, Joe arrived at our “office” in Lakeside Garden. At the time, he was the Vice President of the Asia Division at Sweden’s AB Investment Group, earning an annual salary of 700,000 dollars—a true gold-collar professional. Meanwhile, we were a group of grassroots dreamers without even a formally registered company. I painted the vision of Alibaba and our ideas for a B2B model. To my surprise, what might have seemed to others as somewhat “ethereal” talk deeply moved Joe. He made a decision that shocked everyone, myself included—giving up his high salary to join our uncertain team, taking only 500 yuan per month. I still remember when my wife, who was pregnant at the time, and Joe—also with his pregnant wife—came to our home to announce the decision. I told him, “Think again—I can’t afford to pay you such high compensation.” But Joe was resolute.
Joe Tsai’s joining Alibaba was so much more than recruiting a talented individual. With his Yale Law background and rich experience in multinational investments, he quickly filled in the gaps in our fledgling team’s finance, legal, and corporate governance operations. In many ways, his arrival helped Alibaba take its first steps toward modern corporate governance and paved the way for subsequent fundraising. Under his leadership, in August 1999, we secured our first venture capital of 5 million dollars from institutions including Goldman Sachs and Sweden’s AB Investment Group—Joe’s old company. This injection of funds was nothing short of timely for Alibaba, not only helping us survive the crisis but also gaining international top investment banks’ recognition and greatly boosting our market credibility.
Shortly thereafter came my legendary meeting with Japan’s SoftBank CEO Masayoshi Son. In October 1999—just one day after our Goldman Sachs funding—I was invited to Beijing to meet Mr. Son. Honestly, I did not go solely to solicit additional funds; we had just finished a funding round, so I was in a relaxed state. I mainly wanted to exchange views with a renowned investor on my perspectives about the internet’s future. We met on an upper floor of the UT Starcom building. Outside his office, a long line of entrepreneurs waited for him. When my turn came, I explained Alibaba’s vision and our ongoing projects. If I recall correctly, the entire process lasted just six minutes. In those six minutes, Mr. Son made a stunning decision—investing 30 million dollars in Alibaba.
My first reaction was that the amount was too high; we might never even use all that money, and it would dilute too much equity. So I accepted only 20 million dollars. Mr. Son’s investment and his almost intuitive trust in our team and vision proved to be crucial for Alibaba’s later development.
I often say that throughout my life, I have met many benefactors, and Joe Tsai is undoubtedly the most important. I have publicly expressed, “The person I am most grateful to is him (Joe Tsai).” His courage, foresight, and professionalism were critical in transforming Alibaba from a “garage startup” into a global company. His arrival made me deeply understand that a great dream requires equally great people working together to realize it, and Mr. Son’s decisive investment provided us with ample “supplies” before the internet winter hit. These experiences taught me that fundraising is not just about securing money—it’s about finding partners who share your vision and are willing to shoulder the risks with you.
The Yahoo Deal: Collaboration, Learning, and Strategic Play
As Alibaba grew rapidly, we needed more expansive platforms and stronger resources to support our vision. In 2005, we secured a major strategic partner: Yahoo. That year, Alibaba agreed to a then-stunning deal: Yahoo’s complete acquisition of all assets of Yahoo China, along with Yahoo investing 1 billion dollars in Alibaba in exchange for roughly 40% equity.
The negotiations for this deal were fraught with twists and challenges. I recall that on many key issues, both sides found it difficult to reach an agreement, and negotiations nearly broke down several times. At a critical moment, I received a phone call from Yahoo’s co-founder, Yang Zhiyuan. He said, “Ma Yun, can you come over? Let’s have a drink together.” I flew to the United States, and in a small Japanese restaurant, over a large cup of sake that Yang ordered, we talked. He patiently explained Yahoo’s strengths, trying to persuade me. Once the sake was finished, miraculously, the deal was sealed. I often joke that it was the most expensive sake I’ve ever had in my life.
I have always held Mr. Yang in the highest regard. In my eyes, he is not only an exceptional entrepreneur but also one of the most visionary investors—truly “one of Silicon Valley’s best.” He recognized the potential of China’s internet landscape early on, as well as Alibaba’s future. For both Alibaba and Yahoo, the collaboration was mutually beneficial. For us, Yahoo’s 1 billion dollars was not just the cash injection that helped resolve early venture capital exit pressures—it also provided us with a priceless learning opportunity. Through partnering with an international internet giant like Yahoo, we were able to observe a mature, global company’s operational model, management experience, and the challenges they encountered during their development. These insights greatly helped us improve our corporate culture and governance structure.
Of course, no partnership is without its difficulties. The integration and development of Yahoo China ultimately did not meet our initial expectations. Some attributed this to cultural incompatibility, while others believed my attempts at localizing Yahoo China were insufficient to fully integrate it into China’s competitive market environment. I once remarked, “Yahoo is successful only when it behaves like Yahoo in China.” Perhaps this phrase hints at the deep difficulties multinational companies face in localizing their operations in China. Later, as Yahoo itself adjusted its strategies and as our differences over board seats and Alipay equity emerged, tensions and disputes arose.
Nonetheless, I firmly believe that the experience of working with Yahoo was an indispensable lesson on Alibaba’s path to growth. It taught us how to strategize within a complex international business environment, how to stick to our priorities while collaborating, and deepened our understanding of the power of capital and the operations of multinational corporations. These lessons laid the groundwork for Alibaba’s steady, global expansion in subsequent years.
Chapter Three: Battling and Pioneering—The Birth of Taobao and Alipay
Founding Taobao: “Crocodile in the Yangtze” Against eBay
While Alibaba’s B2B business steadily developed, China’s personal e-commerce market (C2C) began to boom. In 2003, global e-commerce giant eBay entered China in a grand fashion by acquiring EachNet, then the leading C2C website, and invested heavily in market promotion—making a grand show of sweeping through the Chinese market.
Faced with such a dominant international competitor, many doubted that Alibaba could contend in the C2C arena. Deep down, however, I was fueled by an unyielding spirit. I fully understood the unique complexity and local nature of the Chinese market—simply imitating a foreign success model was unlikely to work. I once famously said, “eBay may be the shark in the sea, but I am the crocodile in the Yangtze. In the ocean, I might lose; but in the Yangtze, I will surely prevail.” This wasn’t a spur-of-the-moment remark—it was a declaration of our localized competitive strategy, developed from a deep understanding of China’s market.
So in the spring of 2003, we secretly launched a brand-new project—Taobao. We kept the project so under wraps that initially we wouldn’t even let our Alibaba B2B colleagues know about it, fearing it might distract them from our “main battleground.” Taobao’s mission was clear: to confront eBay (EachNet) in the domestic Chinese market and create an online transaction platform tailored to the needs, habits, and cost structures of individual users and small sellers in China.
I knew it would be an extraordinarily tough battle, but we were well prepared. This experience taught me that when facing a powerful competitor, sometimes the key to victory lies in surprising your opponent and focusing intently on local needs.
A Bold Gamble on Free Services and a Commitment to Localization
Confronted with eBay’s aggressive assault on the Chinese market, we knew we couldn’t engage in a hard-fought capital war. At that time, eBay’s revenue model relied on charging sellers commissions and store rents. After much deliberation, we devised a then-radical strategy for Taobao—a strategy that many considered nearly “crazy”: offering free services for three years. In practical terms, this meant that for an extended period, Taobao would not charge sellers any transaction fees; anyone could open a store and list products completely free of charge.
This was undoubtedly a massive commercial gamble. “Free” meant that in the early days, Taobao would have no immediate revenue stream, and all operating costs would have to be borne by the Alibaba Group. There was intense internal debate about this strategy. However, I was convinced that in the early stages of China’s e-commerce development, rapidly building a user base, cultivating consumer habits, and establishing strong market barriers were far more important than short-term profits. We had to attract Chinese sellers and buyers by lowering the entry barriers to online commerce as much as possible.
Besides the free strategy, we invested heavily in localized product innovations. Recognizing the need for effective communication in online shopping, we launched our instant messaging tool, “AliWangWang,” so that buyers and sellers could fully engage in discussions before, during, and after transactions. This significantly enhanced the user experience and bolstered trust between trading parties. We maintained a “customer-first” philosophy, continuously refining our website’s interface, search functions, and product recommendations based on user feedback and habits.
It turned out that our strategy was right. Thanks to its massive appeal—the “free” offer—and features that were better suited to Chinese users, Taobao quickly won over a large number of buyers and sellers, leading to explosive growth in both user numbers and transaction volumes. Meanwhile, despite its strong capital backing and international experience, eBay (EachNet) struggled to adapt to China’s local market, and its operating model and product features fell short in catering to rapidly changing local user demands.
This battle—widely seen as the “crocodile in the Yangtze” against the “shark in the sea”—ultimately ended in Taobao’s victory. By 2006, eBay had essentially abandoned direct competition in China’s C2C market, while Taobao firmly took the top spot. This experience underscored that in business, especially in a fast-changing new market, breaking conventions, daring to innovate, and always putting the customer first are the keys to success.
Sometimes, what appears to be a “loss” in terms of early investment can yield unexpectedly enormous returns in the long run.
The Birth of Alipay: Blazing a Trail in a No-Man’s Land
As Taobao’s success accelerated, user numbers and transaction volumes soared—but a new and pressing challenge emerged: the need for reliable online payment and trust in transactions. At that time in China, personal credit systems were underdeveloped; credit card penetration was very low, and most people relied on traditional cash transactions or bank transfers. Online bank payments were cumbersome, provided a poor user experience, and most importantly, there was a profound lack of trust between buyers and sellers. Buyers were afraid of paying and then never receiving their goods or finding that the products were not as described, while sellers worried about not getting paid after shipping their products.
This pervasive mistrust acted as an invisible barrier, severely inhibiting the further development of e-commerce. Although cash-on-delivery could alleviate some issues, it was inefficient, costly, and limited in scope, and it couldn’t support large-scale online transactions.
I was well aware that if we couldn’t effectively resolve these two core issues—payment security and trust—the future of e-commerce in China, especially the C2C model on Taobao, would be grim. We had to find a key to unlock this “lock” that was stalling China’s e-commerce development.
Thus, in 2003, a daring idea took shape in my mind: Why not create our own online payment tool? At that time, that idea was nothing short of revolutionary. The financial industry in China was a highly regulated and special sector. For an internet company with no financial background to venture into payments was fraught with difficulty and risk. Many warned that it was too complex and risky, that we had no proper license, and even cautioned that if we handled it poorly, it could lead to jail time.
I did attempt to seek help from traditional financial institutions. I visited several banks in person, explaining the urgent need for a secure and convenient online payment solution to facilitate e-commerce, hoping they might partner with us to develop one. Unfortunately, most banks were either too risk-averse or didn’t see a viable return on the investment, and they ultimately declined our proposals.
When traditional banks proved unhelpful, my resolve to develop our own payment system only grew stronger. I knew I was venturing into a no-man’s land—a place potentially full of thorns and traps—but for the sake of China’s e-commerce future, and to make business easy for everyone, we had to forge a new path. This decision marked the birth of Alipay.
“If Anyone Must Go to Jail, I Will Be the First”
Founding Alipay was arguably the most challenging and risky decision of my entrepreneurial career. At that time, we were under enormous pressure from regulatory, legal, technological, and market perspectives—especially regarding the issue of obtaining a financial license. In China, engaging in financial business without a license was expressly forbidden, and if found guilty, the consequences could be devastating.
I recall that in 2004 I attended the World Economic Forum in Davos, Switzerland. During the event, I listened to a speech on “leadership” that deeply resonated with me. The speaker said, “Leadership is about responsibility. If you believe something is right and crucial to social progress—even when few understand or believe in it—you must move forward at all costs to make it happen.” Those words struck me like a bolt of lightning, dispelling all my hesitation and deepening my understanding of responsibility.
After returning from Davos, I immediately called my team back home and, with unwavering determination, said, “Launch Alipay immediately—right now! If anyone goes to jail because of this, I, Ma Yun, will be the first.” I continued, “If I go to jail, then you must continue to develop it; if any of you end up jailed for this, then find someone else to carry on!”
I knew the weight of these words. But I had to speak out because I truly believed that Alipay was critical for the development of China’s e-commerce and for establishing a trustworthy online trading environment. We couldn’t allow fear of risk to prevent us from doing what was right and meaningful.
Alipay’s core function at its inception was our innovative “escrow” model. Specifically, when a buyer paid for a Taobao purchase, the funds were not immediately transferred to the seller. Instead, Alipay held the funds in escrow. Only after the buyer confirmed receipt and satisfaction with the product would Alipay release the payment to the seller. Should any issues arise during the transaction, Alipay would intervene to mediate. This model ingeniously solved the lack of trust between trading parties, providing buyers with the security of payment and sellers with protection against the risk of nonpayment.
The introduction of the “escrow” model not only significantly boosted transaction activity on Taobao but also removed a major obstacle to healthy e-commerce development in China. The birth of Alipay not only enhanced Taobao’s success—it also laid a solid foundation for the rise of China’s digital economy and cultivated online payment habits for hundreds of millions of people.
Chapter Four: Perseverance Through Storms—Crisis and Reflection
The 2008 Financial Crisis: Enduring the Cold Winter with SMEs
In 2008, a financial storm originating in the United States swept across the globe, plunging the world economy into depression. For China’s export-driven small and medium-sized enterprises, it was an extraordinarily severe test. Orders plummeted, financing dried up, and survival pressures intensified. As a company dedicated to serving SMEs, Alibaba felt this hardship on a deeply personal level and recognized the responsibility on our shoulders.
During those grim days, I repeatedly emphasized to my team that Alibaba’s finances were healthy—that we had sufficient cash reserves to weather the “economic winter.” Yet I also knew that if our clients—the countless small and medium enterprises—fell in the crisis, Alibaba’s existence would lose its meaning. Hence, we made a crucial strategic decision: the tougher the economic climate, the more we had to support our SME customers and work together to overcome the hardships. This was not merely a business strategy—it embodied our “customer first” values.
To help SMEs survive, we implemented several decisive measures. One notable action was sharply reducing the annual membership fee for one of our core products, “China Suppliers” —from 60,000 yuan per company per year down to 19,800 yuan. This cut would significantly reduce our profits. I recall clearly stating in a board meeting that in such exceptional times, Alibaba’s first-quarter profit could even be zero; our primary goal was to help as many SMEs stay afloat as possible. I firmly believed that only if our customers survived would we have a future.
Recognizing that many SME owners needed greater flexibility amid the crisis, we also launched a mobile version of “TrustPass,” enabling them to inquire, quote, and negotiate business anytime and anywhere, even outside of the office. We aimed to lower their operational barriers and enhance efficiency through technological means.
I have always maintained that our longstanding mission, “making business easy for everyone,” must extend beyond mere slogans to concrete action. During the harshest period of the financial crisis, we sacrificed short-term profits to ensure our customers’ survival and secure their long-term trust. Although our financial reports that year were less than stellar, we won immense gratitude and word-of-mouth praise from countless SME customers—a reward far more valuable than any profit.
Notably, while the broader market was riddled with layoffs and salary cuts, Alibaba chose a different path. Rather than laying off employees, we distributed year-end bonuses to everyone and even increased salaries for outstanding performers. I believed that in the toughest times, it was critical to keep our team motivated and cared for—only when our employees had confidence in the company could they better serve our customers and help us fend off the economic chill. This crisis further cemented our resolve to transition from a mere e-commerce company to becoming a comprehensive business infrastructure provider for SMEs. Looking back on those tumultuous days, I feel proud of the choices we made and the sense of responsibility we upheld.
The 2011 Integrity Crisis: A Painful “Bone-Scraping” Lesson and a Reaffirmation of Values
If the 2008 financial crisis was an external trial, then the “integrity crisis” that erupted in early 2011 was a profound internal test of Alibaba’s core values. That period was excruciatingly painful, filled with inner turmoil and anger.
The crisis began when our internal investigation uncovered that on the Alibaba B2B platform, some “China Suppliers” clients were engaging in fraudulent activities against international buyers. What shocked and pained me even more was that the investigation revealed nearly a hundred B2B sales employees had either turned a blind eye or even facilitated these fraudulent clients—in pursuit of high performance and earnings. This was a blatant violation of the “integrity” values we had always championed and struck at the core of our business ethics.
I have always believed that from the very day Alibaba was founded, chasing profits was never our primary aim. Our mission—“making business easy for everyone”—is founded on trust. Without trust, Alibaba would cease to exist. Therefore, any tolerance or indulgence of behavior that undermined our values was not only a betrayal of our genuinely honest customers and the dedicated Alibaba team but was tantamount to a crime.
We had to take decisive measures to defend Alibaba’s values, even if it meant paying a heavy price. After much difficult deliberation, we made several important decisions. First, we immediately closed all “China Suppliers” accounts confirmed to be fraudulent and submitted the matter to judicial authorities for investigation. Second, to assume managerial responsibility, both the CEO of Alibaba B2B, Wei Zhe, and COO Li Xuhui resigned. I knew that Wei was an excellent professional, and his departure was a loss for the company, but faced with a matter of principle so severe, we had no other choice.
I call this process “bone-scraping to rid the poison.” It was undeniably painful—a necessary price for our growth. Yet I firmly believe that a great company must never compromise on its principles. We may err in forecasting the future, but never at the expense of our unwavering values. This incident deepened our realization that in a rapidly growing company, effectively embedding core values into every employee’s conduct is an ongoing and formidable challenge.
I have always stressed the “customer first” principle. This means that we would rather sacrifice short-term growth than do anything that harms our customers’ interests—even by any means of deception. Although the 2011 integrity crisis cost us dearly, it also reaffirmed our unwavering commitment to integrity and customer value. It was a severe baptism that ingrained our values all the deeper and laid an even more solid foundation for our future healthy development.
Customer First, Employees Second, Shareholders Third: My Business Philosophy
“Customer first, employees second, shareholders third” is not just a slogan; it is the core philosophy I have insisted on since Alibaba’s early days. I firmly believe that this is the fundamental logic for a company’s healthy and sustainable development.
I recall around 2006, just before the B2B arm of Alibaba was about to list in Hong Kong, I publicly articulated this viewpoint. It sparked considerable controversy—some investment bankers bluntly admitted after hearing my remarks that they regretted buying Alibaba stock, contending that as a public company, shareholders’ interests should come first.
But I had my own understanding. In my opinion, customers are the parent who provides our livelihood; only when they are satisfied and believe in our products and services will they willingly pay us, enabling the company to survive and grow. Employees are the core force that creates value and serves customers. Only when our employees feel a sense of belonging and joy in their work, filled with passion and creativity, can they wholeheartedly deliver the best service. Once our customers and employees are well taken care of, shareholder interests will naturally be safeguarded, allowing them to reap the long-term rewards of the company’s success—a virtuous cycle inextricably linked.
This management philosophy is far from empty rhetoric; it practically guided many of Alibaba’s pivotal decisions during its development. For instance, during the 2008 global financial crisis, we chose to sacrifice short-term profits by significantly lowering service prices to help SME customers survive—a decision rooted in our “customer first” philosophy. Likewise, during the 2011 integrity crisis, our willingness to “scrape the bone” to preserve integrity was also driven by this principle.
On September 19, 2014, Alibaba officially listed on the New York Stock Exchange. It was a moment watched by the world. In accordance with tradition, typically the founders and top management ring the opening bell. However, I chose a different path. I invited eight customer representatives from diverse countries and backgrounds who used the Alibaba platform to ring the bell instead of us. These eight individuals included Chinese Taobao store owners, delivery personnel, as well as a farmer from the United States—ordinary people who had achieved their entrepreneurial dreams and changed their fortunes through Alibaba.
Why them? My answer was simple and unwavering: “Customer first.” I have always believed that Alibaba’s success was not due to our superior intellect or technology, but because we were fortunate to have millions of customers who trusted and supported us. Every effort over the past fifteen years has ultimately been for their success—for making business easy for everyone. Only when they succeed can Alibaba truly succeed. These eight customers, representing countless small businesses and individual entrepreneurs who create value on our platform, vividly embodied the purpose and significance of Alibaba’s existence. At that moment, my heart was filled with gratitude. This seemingly counterintuitive ranking in management is simply my most sincere understanding of business: only by continually creating value for customers can a company earn the loyalty of its employees and ultimately deliver enduring returns to its shareholders.
Chapter Five: Going Global and Standing at the Forefront
The NYSE Bell: The Significance of Eight Customers
September 19, 2014, was a milestone day for both Alibaba and me personally. On this day, Alibaba officially listed on the New York Stock Exchange (NYSE), completing what was then the world’s largest initial public offering (IPO) and raising 25 billion dollars. This was not only a landmark moment in Alibaba’s history but also a symbolic event marking the emergence of Chinese internet companies on the global stage.
At such a momentous time, according to NYSE tradition, it is usually the founders and senior management who ring the opening bell. However, I did not choose to relish that honor with my management team. Instead, standing at the NYSE bell tower were eight very special guests—ordinary customer representatives from our platform rather than business or investment elites. Among these eight ringers were a Taobao store owner from China, a former Olympic champion turned Taobao seller, a model known as the “Taobao Girl” from the '90s, a young entrepreneur specializing in agricultural e-commerce, an ordinary delivery person, and a cherry farmer from Washington State in the United States who sold his orchard’s premium cherries to China via Tmall.
Why were they chosen? My answer remains unchanged: “Customer first.” I have always believed that Alibaba’s achievements are not because we are exceptionally smart or our technology unrivaled, but because we are blessed with millions of customers who have trusted and supported us. Every effort and every struggle over the past fifteen years has been devoted to helping our customers succeed—making business easy for everyone. Only when they succeed can Alibaba truly succeed. These eight individuals, from diverse industries and backgrounds, told the vivid story of the value and meaning of Alibaba’s existence. Their success is Alibaba’s success.
So, at that historic moment, I wanted the glory to belong to our customers—to have them stand in the global spotlight and showcase the vibrancy and dreams of Chinese small businesses and entrepreneurs. My heart was filled with gratitude: for this great era that has opened up unprecedented opportunities; for the internet that connects the world and creates miracles; for China—a land full of vitality where Alibaba was born and nurtured; and above all, for the countless SMEs and consumers whose trust made Alibaba possible.
Listing on the NYSE also facilitated smoother communication, contrasting sharply with previous difficulties encountered in Hong Kong. The NYSE bell wasn’t merely a signal of Alibaba’s success—it was a tribute to the entrepreneurial spirit of micro and small enterprises worldwide.
Straight Talk at the Bund Summit: My Reflections on Finance and Regulation
On October 24, 2020, I attended the Second Bund Financial Summit in Shanghai. On that highly watched stage, I shared some candid, “non-professional” yet heartfelt views about today’s financial system, financial regulation, and financial innovation. I fully understood that some of my opinions might be sharp and even controversial, but as someone who has navigated the worlds of technology and finance for many years, I felt responsible for putting forward my observations and thoughts for discussion.
In my speech, I mentioned that China’s primary financial challenge may not be so much “systemic risk” because, in my view, China’s financial sector “basically lacks a system” and is more akin to a “youthful entity.” Its true risk lies in the “absence of a healthy financial ecosystem.” What we need are more financial institutions that serve the capillaries—small lakes, ponds, streams, and marshlands—rather than only a few mighty rivers.
I also criticized the prevalent “pawnshop mentality” in traditional financial institutions. I argued that an overreliance on collateral and guarantees makes it extremely difficult for genuinely promising small businesses and young entrepreneurs to secure financial support. The future financial system must be built on a robust credit framework, one grounded in modern technologies such as big data and cloud computing rather than traditional IT systems and personal networks.
Regarding the internationally accepted Basel Accords, I compared them to an “old people’s club.” I felt that these accords mostly address the problems of aging and overcomplexity—issues ill-suited for a dynamic and vibrant market like China’s. We cannot simply apply standards developed for a different era; instead, we must develop policies in line with the future, adaptable to what lies ahead.
I stressed that effective innovation shouldn’t fear regulation—but it should not be managed using outdated methods. We cannot manage an airport with the same mindset used to run a train station. What is needed are “policy experts” who can create incentives for development, rather than “document experts” who only issue prohibitions. Innovation will naturally involve mistakes; the key is whether we can learn, adjust, and persist. Attempting to reduce risk to zero often becomes the greatest risk of all, as it stifles any possibility for innovation.
I understand that these remarks caused a huge stir and sparked controversy. Soon after, the planned IPO of Ant Group was suspended by regulators—a significant setback for both me and the company. Despite this, I remain convinced that advancing the financial system toward being more inclusive, sustainable, and technology-driven is an inevitable trend. How innovation and regulation can work harmoniously to serve the real economy and future development is a subject that demands our continuous thoughtful discussion.
After the Storm: Gaining Clarity and Moving Forward
Following those comments at the Bund Summit, there was indeed a significant uproar. The IPO of Ant Group was suspended, and Alibaba subsequently came under national antitrust investigation, resulting in a huge fine. During that time, I withdrew from the public eye for a long period, and there was much speculation and discussion externally.
For me personally, those were challenging and stressful days, but they also provided a valuable opportunity for reflection and introspection. I have been thinking about how a company like Alibaba can better adapt to a new regulatory environment, return to the essence of business, and continue to create value for society.
I firmly believe that behind every hardship or challenge lies a new opportunity. The key is how we view these challenges, learn from them, and adjust our strategies and directions accordingly. As I later stated in an internal memo, Alibaba must return to focusing on customer value. We need to recognize ourselves, eliminate the “diseases” of large corporate inertia, and simplify our organization to become more efficient and market-driven.
The pace of change in the world is staggering, especially in the realms of the internet and technology. A span of just three to five years can be as transformative as a century, enough to radically alter everything. The era of artificial intelligence has arrived—and we are only at the beginning. For us, this represents both a challenge and a tremendous opportunity. We cannot dwell on past successes, nor can we allow temporary setbacks to halt our pursuit of exploration.
Even after experiencing setbacks, I remain confident in the future of Alibaba and China’s digital economy. What matters is learning from past experiences—both successes and failures—and having the courage to face them, adapt, and keep moving forward. As I expressed during the 2024 Ant Group 20th-anniversary event, I remain optimistic about the company’s future and firmly believe that in the next 20 years, we will create even more miracles.
After the storm, what is needed is a clearer mind, a more determined step forward, and an unwavering focus on our core values.
Chapter Six: Legacy and the Future—My “Retirement” and New Journey
Reflections on Stepping Down: The Triumph of Institutional Succession and a New Chapter in Life
On September 10, 2019—the 20th anniversary of Alibaba’s founding and also my 55th birthday—I formally stepped down as chairman of Alibaba Group’s board. This decision wasn’t made on impulse, nor was it due to external pressures; it was the culmination of a decade-long plan after deep reflection.
I have often said that I hope Alibaba will be a company that “lives for 102 years,” spanning three centuries. But I also clearly understand that no single person can accompany a company for so long. An extraordinary company capable of sustained development cannot rely solely on its founder; it must be built upon a robust governance system, a core cultural philosophy, and mechanisms that continuously nurture and deliver talent.
Thus, my stepping down is not about one individual’s choice, nor is it the end of an era—it marks the beginning of institutional succession and the success of our governance system. I hope that by “letting go,” I can truly hand over the opportunities to younger, more capable leaders who will steer Alibaba through future challenges and opportunities. I believe that Zang Yong (Daniel Zhang) and his team, with broader and more systematic knowledge than mine, will lead Alibaba to new heights.
For me personally, stepping down as chairman of Alibaba does not mean “retirement” in the traditional sense. I often say that I came into this world not just to work, but to enjoy life. The world is so vast, and I still feel young; there are many new things to try and many imperfections to “work on.” I do not long for a future where my life is confined to an office—I yearn for sunshine, beaches, and a life of freedom. In that sense, this is merely the beginning of a new chapter in my life.
Public Welfare, Education, and Agriculture: Dreams Yet to Be Fulfilled
After stepping down from the chairmanship of Alibaba, I did not choose to truly “retire.” Instead, I dedicated more of my energy to the fields I have always been passionate about—education, philanthropy, and environmental protection. These are dreams I have yet to fully realize, and I believe they hold the key to creating even more social value.
Back in 2014, I founded the Ma Yun Foundation. One of its core missions is to promote rural education in China. I deeply understand that education is the fundamental force that can change personal destiny and drive social progress. Having once been a teacher myself, I hold a special affection for education. Through initiatives like the “Rural Teacher Plan,” “Rural Principal Plan,” and “Upgrading Rural Boarding Schools,” we aim to provide better educational resources for rural children and support those outstanding teachers and school leaders who remain on the frontlines of rural education. I firmly believe that the true purpose of poverty alleviation is to uplift people. When rural education is revitalized, the country’s overall educational prospects will also be bright.
In recent years, beyond education and philanthropy, I have developed a keen interest in agriculture—especially in agricultural technology and sustainable farming. I have traveled to many countries, such as the Netherlands, Japan, and Thailand, to study advanced agricultural technologies and modern aquaculture practices. I found that areas with outstanding agricultural performance are not necessarily those with the richest natural resources; rather, they possess advanced innovative technologies, unique business philosophies, and abundant imagination. These journeys have greatly inspired me. I even tried my hand at growing vegetables, tea, and grapes, as well as raising fish, cattle, and making wine. These experiments taught me that agriculture is not merely about traditional farming—it also demands technological empowerment and innovative thinking.
Based on these reflections and experiences, I founded an agri-tech brand called “One Meter Eight,” hoping to leverage modern technologies such as the Internet of Things and blockchain to improve agricultural productivity and product quality, and to explore new models of agricultural development. I believe that the confluence of technology and agriculture can contribute solutions to global challenges such as food security and environmental protection. These new explorations and approaches have filled my life with renewed passion and anticipation.
Words for the Young
I’m often asked what advice I have for today’s young people. Reflecting on my life experiences and insights, I’d like to share a few humble thoughts.
First, regarding career planning, here’s a rough framework: When you’re in your 20s to 30s, the most important thing is to find a good boss and join a good company—work diligently to learn how to do things right. This stage is crucial for accumulating experience and laying a solid foundation. In your 30s to 40s, if you feel the entrepreneurial urge and have something you wish to pursue, then go for it! You are still young; even if you fail, you have the resilience to start over. In your 40s to 50s, focus on what you do best and where you have the most certainty—avoid venturing into completely unfamiliar fields, as the cost of mistakes is much higher at that stage. And when you’re in your 50s to 60s, invest more time and energy in mentoring and nurturing younger people, helping them grow. After 60, enjoy life and spend more time with your family and grandchildren.
Second, I have always believed in the power of “belief.” Trust in the future—even sometimes more than you trust yourself. The road of entrepreneurship is fraught with uncertainty and challenge, but as long as you maintain your belief and never give up, you will always find an opportunity. I often recite an old saying: “Today is cruel, tomorrow will be even crueler, but the day after tomorrow is beautiful. Yet most people perish on tomorrow night—only the true heroes get to see the sun of the day after tomorrow.” It sounds harsh, but it reflects the rugged reality that you must work tirelessly today to overcome tomorrow’s hardships, and only by surviving tomorrow will you be ready for the beauty of the day after.
Third, learn from failure. Throughout my life, I have faced countless rejections and failures. I believe that failure itself is not frightening; what is truly worrisome is if you spend your time blaming others rather than reflecting on your own shortcomings. If you always attribute your failure to external circumstances or others, you will never have the opportunity to grow. But if you can quiet your mind and reflect on your own mistakes, every failure can become a stepping stone to future success. I even feel that one should spend more time understanding how others have failed, because while the reasons for success vary, the lessons from failure are often very similar.
Lastly, maintaining an optimistic and positive attitude is crucial. Entrepreneurs must be ready to shoulder responsibility and persist in spreading positive energy. The world is changing rapidly—over the next 30 years, technological revolutions will far exceed our current imagination. For young people, this is an era full of challenges, but also one rich in opportunities. Don’t fear change; embrace it and find your own chance amidst the transformation.
Epilogue: I Think, Therefore I Am—A Life of Everlasting Exploration
Reflections on Success and Failure
Looking back on the decades of my life, if there is a pair of words that have always been closely linked with me, it would be “failure” and “rejection.” Since my school days, I was never the typical “good student.” I failed the entrance exams for key schools twice, and it took three rounds of the college entrance exam to barely pass. After university, in my job hunt, I faced rejection at every turn—I applied for over thirty different positions and was turned down each time. I still vividly remember that when KFC first entered China and was recruiting in my hometown of Hangzhou, 23 out of 24 applicants were hired, and I was the only one rejected. At the time, these experiences felt like devastating blows, but now I see them as the most valuable assets of my life. They taught me to get used to rejection early on and to understand the meaning of persistence.
I have never considered myself smarter or luckier than others. If I have achieved even modest success, it is perhaps simply because I had a bit more perseverance—a resilience that allowed me to keep going for one more second, two more seconds during the darkest moments.
I often tell my colleagues and young entrepreneurs that while there may be countless reasons for success, there are only a few reasons why people fail. Therefore, we must not only study how others succeed but also spend time understanding how people fail—learning from their mistakes so as not to repeat them.
For any entrepreneur, rejection is everyday fare; you must learn to live with it. If you cannot withstand blow after blow—as a boxer who cannot endure powerful punches—how can you ever claim ultimate victory? In my view, the greatest failure in life is not falling down, but giving up. As long as you never give up and always have the will to rise again, there is always hope.
My Life Motto and Unchanging Pursuits
If I were to sum up my life’s motto in one phrase, it would be “Never give up,” accompanied by a steadfast belief in the future. I believe that as long as you harbor a dream and are willing to work tirelessly and keep learning, everyone—regardless of background—has the potential for success.
I have always maintained that, as a business, making money is important, but we must never exist solely for the sake of making money. A truly great enterprise must have a mission and values that transcend immediate commercial gain—it must dedicate itself to solving real societal problems and creating genuine value for others. Alibaba’s founding mission—“making business easy for everyone”—has been the starting point and ultimate destination of all our efforts. This mission, whether in the past, present, or future, will never change.
I know that the world will continue to change at an unimaginable pace, and new challenges and opportunities will always emerge. In facing such a rapidly evolving era, I hope to always maintain a curious spirit, an unquenchable enthusiasm for learning new things, and an optimistic attitude toward the future.
My life has never been a journey on a preordained path; rather, it has been an endless quest. Along this journey there have been moments of joy in success and despair in failure; applause and also misunderstanding and criticism. But it is these rich, diverse experiences that have shaped who I am today and deepened my understanding of life itself. I think, therefore I am—so long as I continue to think, to explore, and to boldly embrace this ever-changing world, my journey will never truly end.