'I'm used to being unlucky': one of China's richest men, Alibaba's Jack Ma reflects on tumbling shares
Alibaba chairman Jack Ma Yun, one of China's richest men, said yesterday he was used to being "unlucky", having seen the share price of the e-commerce firm he founded tumble in recent weeks.
There were "too many smart people to compete with" to maintain a leading position in the internet business for long, Ma told an audience at the Annual Meeting of the New Champions, the World Economic Forum event held this week in Dalian .
Ma's comments come at a sensitive time for markets, with global investors expressing growing concerns over Alibaba's outlook amid an ongoing economic slowdown on the mainland that has shaken consumer confidence and spending.
"No internet company can be a champion for five continuous years. It's a tough business," Ma said, speaking in English, during a panel discussion.
"The good thing is we have too many smart people and the bad thing is also that we have too many smart people to compete with."
Some analysts have warned that Alibaba's business model may be too complicated and lacking in focus, making it more difficult for the firm to maintain a competitive advantage in any single market.
In recent weeks, Alibaba's share price fell below its IPO price of US$68 per share. The Hangzhou -based internet firm - founded by English teacher-turned tech mogul Ma - went public on the New York exchange in September 2014, with its share price hitting a record high of US$120 in November.
Ma said that despite popular perception, luck was not the reason for his incredible business success.
"We have unlucky things happening everyday and I've got used to that," said Ma, adding that he always tried to think positively.
