Chinese business magnate Jack Ma's AntFinancial topped auditing firm KPMG's 2019 list of the world's best fintech companies. Photo: Handout

Jack Ma, founder of Chinese technology giant Alibaba Group, has quit from his roles in five Alibaba subsidiaries on March 7 as he prepares to retire in September.

According to the administration record, Ma has quit from Alibaba Software, Taobao Software, Alibaba Network Technology, Alibaba Education Technology and Alibaba Technology.

According to an unnamed Alibaba spokesperson, the move is normal practice for technical and legal considerations, to help improve company governance and transparency, according to a report by

The spokesperson denied rumours that Ma would transfer Taobao shares and then quit from the company, noting that he never intended to do that.

As announced in September 2018, Ma will relinquish the Alibaba chairmanship on September 10, and CEO Daniel Zhang Yong will take over.

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