Alibaba founder Jack Ma urges business empire to remain steadfast, ‘believe in the future’

To mark the 25th anniversary of Alibaba’s founding, Ma called on all employees to overcome competitive pressure, despite various challenges

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Alibaba Group Holding founder Jack Ma says the company is made of “an idealistic spirit”. Photo: Handout

Published: 10:39pm, 10 Sep 2024Updated: 9:05am, 11 Sep 2024

Alibaba Group Holding founder Jack Ma on Tuesday called on employees of the business empire he created in Hangzhou 25 years ago to “believe in the future” and “believe in the market”, as the e-commerce giant faces fierce competition on multiple fronts.

According to his letter published on Alibaba’s internal website on Tuesday, marking the 25th anniversary of the group’s founding, Ma said many of the company’s businesses face the prospect of being surpassed amid the “resurgence of … technology and fierce competition in various industries”.

“This is expected, as no company can always stay on top in any field forever,” wrote Ma, who has mostly stayed out of public view in recent years. “We must constantly [be reminded] not to lose ourselves” amid the competitive pressure.

He said Alibaba is made of “an idealistic spirit”, which means that “we believe in the future, we believe in the market”.

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Alibaba, which owns the South China Morning Post, did not immediately respond to a request for comment on Tuesday.