let's start with where you are today just how big is all about them how many
people come every day how many people come in a week how fast is it growing
yeah we have for over a hundred million buyers visiting our site shop in our
site every day and we created million and every day we created 14 million jobs
for China directly and indirectly and we grow from 18 people to 30,000 people
meeting people in my apartment - now we have a four-bit campers compared to 15
years ago we were big but compared to 15 years later with do a baby a big will
you beat that 10 years from them I think 15 years ago I told my team that 15
years in the past 15 years we grow from nothing to this size and 15 years later
I wanted people seen know about Alibaba no tap out because it's already
everywhere I want 15 years ago when we talk about what is ecommerce why small
business can using this ecommerce those internet can do business across the
nation and I hope 15 years later people forget
about e-commerce because they think it's like electricity nobody think is a high
tech today now this is something that I don't want 15 years later we still walk
down the street talking about why and how ecommerce can help people talk about
the IPO well you did it exceed your expectations
well it's a pretty small IPO 250 yes yeah largest not to do in the history
okay we raised we we raised number two was a Chinese bank thank you I I
remember year 2001 we went to raise some five minutes remain a venture capitalist
dollars in the u.s. and it got rejected and I say we come
back raising something a little bit more but I I think it you know what we think
more about is for 225 billion dollars how we can spend the money efficiently
because this is not a money this is the trust from the world the trust from
those people they want to do better jobs to help more people they won't have a
good return so I think gives me more pressure because when our our market cap
is a bigger than Ibn or certain day were bigger than Worman we're one of the top
10 15 largest er market cap company in the world I told my team of myself is
that true we're not that good cuz years ago people
say ah but the motto is terrible does not a make money have those and that all
the big bad things because Emma's is battery based battery Google is better
and there's no such model like Alibaba in the USA so I told myself and people
we were better than people thought but today when we got that big size I said
no we are not that good as people thought we're just a company 15 years
old average age is 27 28 years old young people we're doing something that human
being have never tried so what I want to talk about the future let me take you
back to when you were born in hang zoo where the headquarters still are yeah
and your campus is they don't have a loop dum-dum move your lute you have
quarters there yeah yeah you're fond of their loop there you grew up in the 60s
64 that were born in 64 that was the time of the
Cultural Revolution yeah it was the end of the Cultural
Revolution it was well my grandfather was a tiny landlord was considered after
liberation was considered be a bad guy so I was III I know how tough it was
when I was kid you tried to get into three colleges each time they rejected
you know I tried there is a examination that young people if you want to go
University of the taste take the examinations so I photo three times but
a lot of film I fail for funny things that I showed a key primary school tests
for two times and I failed like a three times for the middle school middle
schools and you were never believed in ching hangs on my city there is only one
middle school that lasts only one year it was changed from primary school
middle school because our graduates of our our Alice school no universe you
know middle school except us because we were too bad I would become a what
effect did it have though being rejected well I think we have to get used to it
we're not that good even today we still have a lot of people reject us I think
when I in the graduate from universities and before you know for three years I
tried fill in the universities so I apply jobs for thirty times got rejected
I went for a police they say no you're not good I went to you know even the KFC
when KFC came to check up do I say you see 24 people went for the job 23
people accepted I was the only one guy and we went for please five people all
of them accepted I was the only guy than I receive receive it so to me being
turned down rejected oh by the way I told you that I would apply for Harvard
for 10 times rejected I know 10 times you wrote them and said
I'd like to come to Harvard yeah and then I told myself somebody I should go
teach there buddy I think that can be arranged
Richard Nixon came to Hong Zhu yeah and after that tourists flooded the place
yeah and that's how you learned English yeah I really like the I don't know why
at 12 13 years old that time I saw they fell love into the language the English
and there's no place you can you can learn English at that time there's no
books English books so I went to the council hotel now called House of
shangri-la hotel because that was the Kotel can receive the foreign visitors
so every morning for nine years I showed them around as a free guide and they
taught me English and I think that changed to me today I'm 100% made in
China I've never got a one-day train outside China and people when people
talk to him say Jack how can you speak English like that why sometimes you you
talk like an American Western guys I think that was the nine years these
Western for tourists opened in my mind because everything they told me are so
different from the things I learned from the schools and from my parents so now I
have a habit whatever I see whatever read I use my mind think about for two
years that have mahjong became Jack Ma actually Jack the name was given by a
lady in tennis she's a tourist as she came here and she said came to hang so
we had a we become a pen friends marring is so
difficult to pronounce so she said do you you have an English
name as they don't because okay you give me English name she said okay
she said my father called her Jack my husband called Jack what do you think
about Jack good something you see that for the menus first visit to America in
1995 1995 yeah I come here for a project helping the
local government to building up highway and you tried the Internet
I try to internet in Seattle and in the building called the US a bank I don't
know whether USA banks still there or not but it's a building and this my
friend opened a small office which is so like that only 10 percent bigger than
this room and there are a lot of much computers in there and he said a jack
you this is internet it was I asked what is internet he said you know search
whatever you want now that time to use mosaic very slow
and I say I don't use it I don't want to type because intent computer is so
expensive in China if I destroy it I cannot pay you said just a search it so
I searched the first word of beer I don't know why because easy to spell a
baby and I see beers from Germany beers from the USA beers from Japan but
there's no beer from China and I say okay type 2 the second words China no
data nothing nothing and I say 95 90 not have no data about China so I talked to
my friend why not make some something about China so we made a small very ugly
looking page about China it's it's about it's something like I did a translation
gauges and were listed on there it was so shocking we launched at a 940 in the
morning 12:30 I got a phone call for my friend who said Jack you know you got a
five emails so what his email they say these are the things people so
except for where are you this is the first time I see a Chinese
website on that how can we kind of win can we do something together so I think
this is something interesting so we should do it why did you call it a la
Baba Alibaba well when I started I think
Internet is Guillou but we should have a global name and I named that interesting
like at that time the best the name is Yahoo right I think I can so I've been
thinking for many days suddenly Alibaba is a good name so I I was happened to
being sent San Francisco that day never didn't have a launch and the waitress
can I ask you do you know that Alibaba should you say yes I see what is Alibaba
she said Open Sesame good so I read on the street ask about
10 20 people they all know about Alibaba 40 thieves and Open Sesame
and I think this is a good name and start with a whatever you talk about all
the brothers on top you have said before that in creating our ababa you had to
create trust yep because people in China were used to face to face how did you
create trust I think because we started out a bit doing business internet I
don't know you you don't know me so how can you do things online unless you have
trust so for e-commerce the most important a
thing was trust I think when I first went to USA for raising money talked to
the venture capitalist a lot of people say Oh jack no no China doing business
but wine she how came to business on internet and I know that without the
trust the system the credit system it's impossible to do business so we with
ever in the past or for 14 years everything we do is trying to build up
the trust the system the record system well
Charlie you know I I'm so proud of today when I I talk to young padang China and
in the world people don't trust each other the government and people and the
media and everybody think this guy is cheating but because of e-commerce we
finished 60 million transactions every day people don't know each other I don't
know you I send products to you you don't know me
you wire the money to me and I don't know you I give a person a package I
don't know him he took something too so cross the ocean cross the river
understand this is the trust we have sick at least the 16-minute trust
happening every day but you created by creating an escrow account in the
beginning yeah you know and so you keep the money until they got the product
yeah and then you release the money that's true I mean the escrow service is
about Ali paid when I when I when I have you know this idea with Al of Davos
because it was a big decision because for thirst for three years Alibaba is
just like a marketplaces for for information what you have what I have we
talked a lot of time and but don't do any business because there is no payment
I talked to the banks no banks want to do it banks are now this thing never
works so I don't know what to do because if I start to launch a payment system
it's against the financial legal laws because you have to have a license but
if I don't do it emo ecommerce would go nowhere so then I went to Davos I
listened to a leadership a discussion leadership is about responsibility and
after I listened to that panel I give a call to my friends my colleagues in the
my apartment say do it now immediately if something wrong the cover not happy
about that if one body has to go to the prison Jack might go to the prison
because it is so important for China for the world to build of the trusted system
and if you did not do it I said and do not do it properly stealing money money
was no transfer code I sent you to the
prison yeah so that was the thing and people people don't like it so many
people I talked to at that time for all he paid they say this is the stupidest
idea you have ever got but I say I don't wear this stupid a club as long as
people use it now we have 800 million people using this a leap a stupid things
better a leap a is a privately held a he's not
part of Alibaba no talk about money for a second yeah you have never gotten
money from the Chinese government no no no I I wanted a beginning a late I don't
want it because I think if the company always think about it taking money from
author of the government often pockets that companies is rubbish think about
how can you make money from the customers and market and then help
customers succeed that's our philosopher Johnny's banks no
no at that time I want and now they want to give me I don't want it yeah
your relationship with the government mm-hmm yeah what's your relationship I
mean if they didn't well here's what some say that you have existed in an
environment that's not you know they have restricted competition for you
and that's a pretty good thing to do for a private company yeah I think the
relationship with the government to for us is very interesting for the first two
five years because I've been working as a part-time job for a government
organizational Ministry of Foreign Trade 1997 for 14 months and I learned that
you should never rely government organization to do any commerce and I
start a business I told my people and team in love with the government but
don't marry them respect them and a lot of people say well you know I'm
government officers talking to about Internet the censorship and this that
and the worry about I think it's the opportunity it's a responsibility
talking to them tell them how Internet can help so you tell them we create jobs
oh yeah I being I think a lot of people debate and fight against them and in the
first 12 years anybody come to my office I sit down talking to them how we can
help economy how we can create jobs why China we improve by the internet I think
because internet that time is new to any government and if you convince somebody
and you have the chance so today I'm very talkative that probably this is why
I talk to so many people so I mean the government comes to you
and ask you to do something for them mm-hm
normally when government comes a jack came to this project
I say no I can I say no okay I can't reduce some friends who are interested
in doing that for you but if you if they continue to want me to do it I say okay
I do it but I don't want I don't charge I hope next time don't come to me
again but recently we have some government organized into it for example
the every Spring Festival the train station the train tic is so difficult
hundreds and thousands of farmers in work in the cities in the spring
festival they go to the hometown but when they order tickets on the on the
DDT other way the whole system crashed for five years so I told my young people
go support them don't charge anything because I don't want to see millions of
farmers go back to city and they cannot bag the tickets so it's it's something
that it's not for money it's something I it's not for the government it's for the
millions on menace people they can buy tickets in the snowy night and then you
have to wait they just to buy it usable by phone online
we got ticket one-way stop along the route to where you are in that big IPO
was Yahoo Jerry Yang gave you a invested a billion dollars yeah a billion dollars
now it turned out to be a pretty good investment for Yahoo yeah but one time
after another you raised this money on your own outside of China with investors
uh-huh yeah I'm very thankful for all the investors cuz 1999 year 2000 and the
evening at the Yahoo time a lot of people see this jack is crazy he's he's
doing something that we don't understand a lot of venture capitals give you money
because there is such a American model already there but they say Alibaba we
don't see this kind of model right name Jack's crazy yeah this is crazy guy I
mean I remember my first time in Time magazine they call me crazy Jack and I I
think Chris is good we are crazy but we're not stupid
we know what we are doing but if everybody agree with me if everybody
believed my our idea is good we have no chance so that's the money we raised
we're very thankful so when the our ambassadors makes a lot of money I feel
proud in honor as you know in the United States issues have risen about privacy
yeah Google and Apple and questions of whether the government should have
access to files how do you handle that if the Chinese government says you know
a lot about people mm-hmm you have transactional relationships
with lots of people mm-hmm and they say we want to see your files well so far I
don't have this kind of province of our Chinese government and I told them any
government if you come here for the national security anti-terrorist well
anywhere anti-terrorist will work together there's a criminal we work a
rest of that no I said we are business the data is so precious because we do
know how because if we give to anybody it's going to be a disaster and also
about privacy issues I think just like hundreds of years ago people say I would
rather put the money under my pillow rather than putting the banks but today
banks they're special they know how to prepare money much better than you do
privacy issues all these kind of securities today we may not have the
solutions we don't have the answer but I believe our young people have the
solutions in next 10 20 years there will be breakthrough on that and I
fully confidence on that your life is a testament to the idea that nothing is
impossible that if somebody says no you say it's just the beginning where does
that come from well I at the beginning I never thought
I thought when I was young I said everything's possible now I know not
everything is possible we have something you have to think about you have to
consider about the others you have to consider the customer society your
employees their shareholders so society there are so many things that I think if
you continue to work hard there's there's possibility and I just a few
that I'm enthusiastic about what we are doing at the beginning for the first
five years I just want to survive in five years agreed I think that's 2000
from 98 point yeah but later I think wow so many people's
life changed I was so excited you know for the first of three years we made a
zero revenue zero revenue but we we are so excited ass beast continue to work
you know what happened I remember many times when I go to restaurant have a
dinner somebody came when I was trying to pay the bill the owner of the
restaurant came to say sir your bill is a paid by someone and the small note say
hey mister Mar I'm your customer of Alibaba Group not above a platform I've
made a lot of money and I know you don't make any money I paid the bill for you
and I remember one thing one day that I was sitting somewhere into coffee
somebody's sending me a cigar I don't smoke cigar but there's a note thank you
very much I'm your customer and I remember the top
all days I would the shangri-la Hotel in Beijing when I got on the taxi a male
who opened the door for me take the boy out at the gate he said Jack thank you
very much I know what are you thumbs here my girlfriend makes more money than
I do on your site and this is something that you know that it's not amazing if
you don't do it nothing is possible if you try to do it
do you have the hope the revenue comes from advertising and a smaller amount
from transactional - yes most of it from advertising tiny tiny from advertising
tiny from advertising tiny from transactions because we need big mess
when we now we have more than 10 million small business power sellers selling our
site to everywhere so the big trends the transactions we have a second after
Walmart so time than after wall yeah tiny of the transact about the money
already make us make us big so you know we second after warmer I'd remember one
of the senior management of warmer guys came to town so five years ago he said
Jack you know you had a great job in bed so we I said maybe in 10 years we'll be
bigger than Walmart you say young man you have a good hope so ever make a map
that I think in 10 years will be bigger than Walmart on the cells because if you
want have 10,000 to new customers you have to build a new warehouse and this
that for me to service what's your market cap versus Wahlstrom
Walmart today all right I don't know yes some it's close I think so maybe we
should check later all right so where are you going what does Jack
want I think because the name for Alibaba we are Internet company happened
to be in China we have the same spirit and an entrepreneur spirit like every
great entrepreneurs in the world and I remember the day when I said Alibaba we
want have a mission helping small business doing easier so next up today
so many millions of small business using our platform to sell things and over 300
minute consumers buy things from our site cheapest efficient so what I'm
thinking about how we can make Alibaba a platform for
global small business my vision is that how you know if we can help but Norway
small business can sell things to Argentina and Argentina consumers can
buy things alive from from Switzerland and we can build up which I code I don't
know maybe the right not right world called a WTO the w2 is a great pasta
century but W have a so many big companies to sell things across the
nation today internet it can help small business sell things cross the oceans
crossing nations and I hope that we can serve two billion consumers two billion
tons two billion consumers we can help 10 million small business also China
helped outside job outside China because I'm so because we we help the American
farmers in Washington State almost three hundred tons of cherries to China last
year cherries when they when we before was
the ambassador of us it came to me CJ can you help us selling cherries and
Jesse what charities the fruits is why not I said why not let's check so that
when we order when we start to sell cherries the cherry on the trees so we
start a pre-order eighty thousand families or the cherries online so we
pick up the cherries and shipping to China within 48 hours
we sell the church the consumers are so happy and but we got a lot of letters
complain after three days they say why only a hundred tons why we should under
get more so we sell you know last two months ago we helped the Costco we sell
300 tons of nuts to China so I'm thinking about if we can sell oh no
we're also selling Alaska seafood to China so if we can sell seafood we could
if we can seal the cherries why we can I help American and European small
business selling things to China consumers
China Neath that so this is what I do is that ten to billion consumers
China Asia developing nations how we can let them buy things for globally
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