'I'm used to being unlucky': one of China's richest men, Alibaba's Jack Ma reflects on tumbling shares

Alibaba chairman Jack Ma Yun, one of China's richest men, said yesterday he was used to being "unlucky", having seen the share price of the e-commerce firm he founded tumble in recent weeks.

There were "too many smart people to compete with" to maintain a leading position in the internet business for long, Ma told an audience at the Annual Meeting of the New Champions, the World Economic Forum event held this week in Dalian .

Ma's comments come at a sensitive time for markets, with global investors expressing growing concerns over Alibaba's outlook amid an ongoing economic slowdown on the mainland that has shaken consumer confidence and spending.

"No internet company can be a champion for five continuous years. It's a tough business," Ma said, speaking in English, during a panel discussion.

"The good thing is we have too many smart people and the bad thing is also that we have too many smart people to compete with."