Daniel Zhang, the departing chairman and chief executive of Alibaba, has joined Firstred Capital as a managing partner, the Chinese investment fund announced on Thursday. “Daniel Zhang will partner with the fund’s founder, Liu Xiaodan, to explore a new future for merger and acquisition funds,” Firstred said on its official WeChat account. The low-profile VC firm’s portfolios include semiconductor, biological, and pet healthcare companies. When Zhang left his executive role within Alibaba last September, the e-commerce giant said its former chair would build a future-oriented tech fund that Alibaba would inject $1 billion into. [Firstred Capital, in Chinese]

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