On December 20th, Alibaba announced that in order to optimize the return on capital and enhance shareholder value, the Group's Capital Management Committee has authorized the establishment of an asset management company. Dai Shan, former CEO of Taotian Group, will assist the group in establishing an Alibaba Group asset management company and forming a professional management team.
On that day, Alibaba Group Chairman Cai Chongxin announced this news through a letter from all members. Cai Chongxin stated in the letter that "preparing for the Group Asset Management Company is a new business function after Alibaba's transformation.".