Daniel Zhang, Alibaba CEO, at the company’s Hong Kong IPO debut / Photo credit: Alibaba

Daniel Zhang, former CEO of Alibaba Group, is joining China-based VC firm Firstred Capital as managing partner – six months after leaving the Chinese tech giant. In his new role, Zhang will “explore a new future for merger and acquisition funds,” the firm said on its WeChat account.

Not much is known about Firstred Capital, which was founded in 2019 by Liu Xiaodan, formerly the chairman of investment company Huatai United Securities. According to its website, the firm has invested in the semiconductor industry as well as healthcare for both humans and animals.