Chinese tech heavyweight Alibaba Group's former chairman and CEO Daniel Zhang will join the merger and acquisition funds of Firstred Capital as a managing partner, Firstred Capital said in a statement on Thursday.

Zhang, who will work with Liu Xiaodan, the founder of Firstred Capital, said he will focus on the immense opportunities from industrial transformation brought about by technological development and economic transformation and upgrading, to build the core competitiveness in M&A investment.

Founded in 2019, Firstred Capital has been engaged in the M&A field that covers pet healthcare, biomedicine, semiconductors and power batteries.

Zhang's move came after he stepped down as the chairman and CEO of Alibaba's cloud business in September 2023. He had also quit his role as chairman and CEO of Alibaba Group.

Alibaba said in September that Zhang would establish a technology fund that the company would invest $1 billion in.

fanfeifei@chinadaily.com.cn