Daniel Zhang Yong, the CEO picked to replace Ma in 2019, was called "an outstanding business leader" by Ma. Zhang has proven himself by leading Alibaba to realize 13 months of consecutive, healthy and high-speed growth over the past three years, Ma said. His strategy and responsibility also prove he is the correct choice.

Zhang, an 11-year veteran of Alibaba, has strongly impacted the company's overall strategy and direction as an entrepreneur and innovator, according to a report by Securities Times. Alibaba's e-commerce marketplace Tmall.com is a prominent symbol of Zhang's entrepreneurship. He also created Tmall's "Double Eleven" e-commerce festival 10 years ago, which has been imitated by other platforms since then.

In 2014, Zhang made the Taobao app the world's largest mobile e-commerce platform, and escalated Alibaba from an e-commerce platform into a digital economy that leads future business infrastructure.

Ma made it clear he is not retiring, and will still act as a leader and co-partner in Alibaba, and will "continue to contribute to Alibaba co-partnership", according to his open letter.

As a teacher, Ma will not retire either. He is still a spokesperson for country teachers, chairman of the Alibaba Poverty Relief Fund, founder of the Ma Yun Public Welfare Fund and a special consultant at the United Nations Conference on Trade and Development.

"I want to return to the teaching business, because I will be super excited and happy to do things I love," Ma said in the letter.

"The world is so big, and I will try whatever I like as I am still young," Ma said at the end of the open letter. "Alibaba never belonged to me exclusively, but I will be a part of Alibaba forever."