Alibaba chairman Ma resigns as e-commerce giant marks 20 years

All eyes were on Jack Ma, the legendary founder and chairman of Alibaba Group Holding Ltd, on Tuesday, one year after he announced plans to hand over the half-a-trillion-dollar business he built to trusted partners.

Coverage of Ma's departure swept China's social media on the same day the internet behemoth celebrated its 20th anniversary as Ma turned 55.

"Today is not the retirement of Jack Ma but the beginning of the inheritance of the institution," Ma said during a celebration ceremony in Hangzhou. "Today is not the choice of one person but the success of the institution."