Alibaba (NYSE:BABA) founder Jack Ma plans to hand over control of the sprawling e-commerce conglomerate to Chief Executive Officer Daniel Zhang next year. The move would cement a succession plan.
Alibaba is listed on the New York Stock Exchange. The group has a couple of subsidiaries listed in Hong Kong, including Alibaba Pictures Group Ltd (HK:1060) and Alibaba Health Information Technology Ltd (HK:0241).
Ma founded the company two decades ago and gave up the CEO role in 2013. Zhang was appointed in 2015. Alibaba's stock has gained 87% since Zhang took over.
Ma will hand over the reins of the company on his 55th birthday.
