Daniel Zhang, the former CEO and Chairman of Chinese e-commerce giant Alibaba Group, is set to join Firstred Capital’s merger and acquisition (M&A) fund as Managing Partner.
In his new role, Zhang will work alongside the Founder of the Beijing-based company Liu Xiaodan. In 2021, the investment firm raised RMB 6.8 billion ($945M/€873.4M) as part of its debut M&A fund.
Zhang stepped down from his posts at Alibaba Group in September 2023.
Founded in 2019, Firstred Capital focuses on China’s M&A market, particularly buying and building in new economy industries such as industrial technology, healthcare and consumer.
Recent investments
Notably, Firstred Capital has invested in Ruichen Pet Hospital Group, a veterinary hospital chain across China. Ruichen last received an undisclosed amount from Firstred and other investors in 2022.
Ruichen was established in 2021 as a large-scale firm with pet medical services as its main operation. It provides pet medical care, laboratory diagnosis, pet grooming, pet commodity trade and pet culture dissemination services.
As of May 2023, the group operates close to 200 pet hospitals in 50 cities across China.
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