Chairman of Alibaba Group Jack Ma Visits Xiong'an New Area, Signs Deals to Edge Ahead of Rivals Baidu, Tencent
Liao Shumin
/SOURCE : Yicai
Chairman of Alibaba Group Jack Ma Visits Xiong'an New Area, Signs Deals to Edge Ahead of Rivals Baidu, Tencent

(Yicai Global) Nov. 10 -- No enterprises want to lag behind in establishing presence Xiong'an New Area that will undertake Beijing's non-capital functions in the future. It is a new battlefield ground for China's internet titans, Baidu, INC. [NYSE:BIDU], Alibaba Group Holding Ltd. [NYSE:BABA] and Tencent Holdings Ltd. [HKG:0700]. To snap up an early strategic edge, Jack Ma, executive chairman of Alibaba Group, and Lucy Peng, chairwoman of Ant Financial Services Group, financial services arm of Alibaba, visited Xiong'an New Area.

On Nov. 8, Alibaba and Ant Financial entered into strategic cooperation agreements with Xiong'an New Area, taking another step in participating in the construction of Xiong'an and serving the national strategy. The move follows Alibaba's establishment of three subsidiaries in Xiong'an New Area on Sep. 29, reported.

Hebei provincial officials and Alibaba value the cooperation. Wang Dongfeng, party secretary of Hebei province, Xu Qin, governor of Hebei, and Jack Ma and Lucy Peng witnessed the signing.

Alibaba announced that three subsidiaries in Xiong'an including Alibaba Xiong'an Technology Co., Ant Financial Xiong'an Digital Technology Co. and Cainiao Xiong'an Internet Technology Co. have completed registration, Alibaba announced during the signing ceremony.

"People are deepening their understanding of Xiong'an New Area. It is a millennial plan to create a future city. Therefore, Alibaba also attaches great importance to it," said Jack Ma during a meeting. "Future cities should be developed based on the quality of people's life. We will add Alibaba's Big Data and cloud computing to improve the intelligent capabilities and smart capacities of the entire city, so it can better serve people and their livelihoods."

At the signing ceremony between Alibaba, Ant Financial, and Xiong'an New Area, the parties agreed to jointly build Ant Financial Xiong'an New Area Fintech Innovation Center. By starting with the construction of a cutting-edge technology lab, the parties will make joint efforts to create an open platform and bring in ecological cooperation partners, thereby supporting Xiong'an New Area's endeavors in creating a fintech demonstration area and constructing a blockchain infrastructure platform.

As the first logistics platform enterprise to settle in Xiong'an New Area, Cainiao Network Technology Co. said it will construct a decision-making brain in Xiong'an New Area to guide smart logistics in the entire northern China region. Cainiao will also participate in the planning and design of Xiong'an Public Distribution Logistics System to develop Xiong'an into the world's Silicon Valley for smart logistics technologies and talents.

Follow Yicai Global on
Keywords: Alibaba , ANT FINANCIAL , Xiong'An New Area , Baidu , TENCENT