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  • >> It's a great pleasure for us to give a warm welcome to, to Jack Ma.

  • Thank you.

  • [NOISE].

  • >> I it's my great honor.

  • And I was invited about months ago.

  • And it's, I did not expect people said this is a very sensi, sensitive time

  • for me to talk, because about a yahoo, about alibaba about this and all that.

  • But a promise is a promise I come.

  • Today [LAUGH] any questions you have.

  • I will answer any questions you have.

  • All right, so I've been here for 15 days and I plan to spend one year here.

  • And nobody knows, my company did not know, that I'm gonna spend a year here.

  • Guess people ask, why you're here?

  • Are you ready for catching Yahoo?

  • No.

  • [LAUGH] Everybody was very sensitive when I said I'm gonna spend one year there.

  • And I just come here, I'm tired.

  • Too tired, in the past 16 years, I start my business.

  • When I started 1994, find the internet, and I got crazy about the internet.

  • Give up my job in the teaching, and.

  • Like, I call myself like a blind man, riding

  • on the back of blind tigers, jumping around still kicking,

  • and still surviving, and then join the government organization

  • for 16 miles, and not successful start Ali Baba 1999.

  • And we built up the Alibaba.

  • We're lucky enough to have the Taobao.

  • We have the Alipay.

  • We have Ali Cloud Computing.

  • And so many things after 12 years, I say, I need some time to rest.

  • Especially this year, was so difficult for me.

  • I do not expect I prepare for twelve year in

  • china called [UNKNOWN] this is our twelveth year for Alibaba,and the

  • beginning of the year we have you know the moving for

  • the Alibaba to be CEO because of their custom cheating things.

  • And then we have the Alipay about the VIES,

  • I still don't know what the VIE is, right?

  • And then we have we have the the Ali Taobaos separated into four parts.

  • So many things that really make me feel tired.

  • And I said, well, why not give up one year.

  • Because next year is my personal [UNKNOWN],

  • which is, could be much more difficult.

  • This year was very tough and difficult.

  • I believe next year is gonna tougher and more difficult and more complex.

  • So I got ready for that.

  • And I need, think I need a rest, so in

  • order to, for another three, four years how to work it.

  • Because this three years is not my job.

  • If something wrong, criticize this president of Taobao,

  • CEO of Alibaba and Alipay, it's their fault.

  • Because three years, their fault.

  • Three years later, something wrong, my fault.

  • So, I come here and I spend most of my time in the states.

  • And then thinking, relaxing and just two days ago, I

  • picked up on my golf, and here, and just relax.

  • So nothing about, the things people think about.

  • So, we.

  • Are very lucky company.

  • And there is no chance that

  • we survived.

  • I don't have any sort of backgrounds, a rich father, or strong uncles or.

  • [LAUGH] And hm, I, I remember 1999, I came to silicon valley.

  • Looking for venture capitalist.

  • I talk to a lot of magic capitalist and I re, remember

  • few days when I drove by, by the [UNKNOWN] park, right?

  • I, I was, I was rejected by so many venture capitalist.

  • When I talk about Alibaba start ups they look at me strange.

  • What?

  • Alibaba, what are talking about?

  • Right I, I, I went back to China with nothing, no money, nobody invested in me.

  • But I full of confidence I saw the American dreams.

  • At the time 1999, I walk on the high express way, and on

  • the high express way every evening full of cars and of the parks.

  • Of the companies episodes weekends full of cars.

  • And people working day and night, and now, this

  • is something I believe is going to happening in China.

  • without it getting any venture capitalist.

  • But, I think I went back China with the American dreams.

  • And we started the business there, and after

  • 12 years, you know, a lot of things happened.

  • We, we, we'd build up the B2B and nobody believed the B2B would work, because

  • the B2B at that time was good, but Ariba, I don't know if still there.

  • Yeah, Ariba, ariba.com, [UNKNOWN] and commerce one,

  • and these are very famous B2B companies.

  • People say, how can you do B2B in China.

  • Because B2B in the US is the focus of big companies.

  • They focus on buyers.

  • And we believe there's no big companies in China.

  • And I don't see that there are big companies, in, in

  • the short term that would China have a lot of big companies.

  • Because big companies only SOE.

  • SOE they do not need e-commerce.

  • They need is government policy, right?

  • So we focus a small business.

  • We bec, we believe.

  • China the small business, the private sectors are the future.

  • So we'll focus on that.

  • And the B2B in the U S the focus on buyers, they

  • want help the buyers to save the cost, to save the time.

  • We believe don't teach the SME, don't teach the small business how

  • to save the cost because, they know much better than you do.

  • You should help them how to make money.

  • So we focus on helping small business.

  • We focus on helping them to make money, to sell things abroad.

  • Very difficult to do business at that time.

  • But after 12 years we got more than 58

  • million small business around the world, using our services.

  • That.

  • That model is not very sexy.

  • Compared to [INAUDIBLE] we do not make that much money, like online gamings.

  • But we can sleep well in the evening,

  • because the money we make not online gamings.

  • The money we make, is helping small business to survive,

  • to get business opportunities, which I feel very proud about that.

  • And,

  • today, as always, I never feel proud of how much money we make.

  • I feel proud how much impact we can help the others, especially small business.

  • Before the history of internet, no company can help over 50 million SMEs.

  • Today, we are trying.

  • And I feel proud of that.

  • This is the first company.

  • And people say, Jack.

  • If you make Alibaba successful, that means you, you are pulling

  • a million tons of ship on the top of the Himalayas.

  • [LAUGH] And I say yes, we will carry that thing down.

  • And we did.

  • The second company is called the Taobao.

  • And everybody say, oh, my God you, are competing with eBay.

  • I said, why not?

  • China needs an e-commerce site.

  • And builder of the China market takes effort, takes time.

  • And takes great effort, you really want to build up something.

  • But at that time, people say, there's no chance.

  • Well, if you never try, don't, how do you know there's no chance?

  • So we try, and I said, we that, if, if, eBay are

  • the sharks in the ocean, we are the crocodiles in the Yancy river.

  • [LAUGH] Never fight in the ocean.

  • Let's fight the Yancy river.

  • It was difficult.

  • It was a lot of fun.

  • And we survived.

  • They got a 90% market share at that time, today

  • for [UNKNOWN] we're like a 90% market share and lucky.

  • Just lucky.

  • There are lot of things can be discussed in the future.

  • Today, people always write about the successful stories about Alibaba.

  • And I, and I really don't think we are so smart.

  • We made so many mistakes.

  • We were so stupid that time.

  • So I think Sunday the book I personally really

  • want to write about is as I said it,

  • isAlibaba 1001 mistakes, these are the things, [LAUGH] these

  • are the things people should remember, people should learn.

  • If you want to learn how the people, other people succeed it is very difficult.

  • There are a lot of lucky things right there.

  • But if you want to learn, if you learn how people fail, you will benefit a lot.

  • And I always rely to read those books, talking about how people fail.

  • Because, look, if you look into it, any company

  • that fail, the reasons why they fail almost the same.

  • And that really matters.

  • So, Taobao succeed and then we have the Alipay because everybody says China oh

  • no credit system banking is terrible logistics

  • terrible and how can you do e-commerce?

  • I never tell, it was just like today I come

  • here with no, without a PPT, without t my business.

  • And I'm not coming here to sell your business, sell my

  • business because I don't have stock to sell to you guys.

  • But

  • I think because China is not good at logistic, not

  • good at credit system, not good at a banking system.

  • That's why we need entrepreneurship.