"The fund will support Alibaba's strategy of investing for future growth and continuing to develop our technology ecosystem". Also, Tsai informed everyone that the Alibaba Partnership will give Zhang the distinguished title of "Aliren Emeritus". In a statement, Alibaba's spokesperson informed everyone that "Alibaba's new CEO Eddie Wu Yongming, who like Tsai assumed his new role on Sunday, has also taken over for Zhang as acting chairman and CEO of Alibaba Cloud Intelligence Group on the same day". Alibaba's spokesperson said Alibaba "will continue to execute its previously announced plan to spin off Alibaba Cloud Intelligence Group under a separate management team to be appointed". However, the news of Daniel Zhang's sudden departure wasn't received well by the market as "shares of Alibaba Group slipped 2.8 percent to HK$88.25 as of 9.45 am local time, the most since August 18".