Jack Ma replaced SoftBank as Alibaba's largest shareholder. According to sources, the combined shareholding of Jack Ma and Chongxin Cai has exceeded SoftBank's shareholding ratio. In the past two years, Sun Zhengyi's control of SoftBank has reduced its shareholding ratio through forward contracts, from about 7% in December 2022 to around 2% in March last year, and less than 0.5% in May. Jack Ma has now replaced SoftBank as Alibaba's largest shareholder.