Lucy Peng: The Unsung Powerhouse Behind Alibaba's Success

Lucy Peng is the highest-powered woman at e-commerce giant Alibaba and with good reason – she's the co-founder. Over the past 20 years, she has played a pivotal role in steering the company she founded with Jack Ma. The 47-year-old set up Alibaba's HR department, was Ant Group's CEO, and now she is the executive chairman of the Asian e-commerce platform Lazada Group. Despite being dubbed Alibaba Group Holding Ltd.'s most influential woman, she remains relatively unknown outside of China.

In a surprising turn of events, just after we completed this article, Chinese financial regulators announced the suspension of Ant Group's IPO. The Shanghai Stock Exchange halted the IPO citing "major issues" that may prevent the company from meeting its listing conditions. This announcement followed a week after Jack Ma criticized Chinese regulators for stifling innovation due to excessive caution towards risk. Now, Ant is expected to delay its IPO and potentially lower its value as Jack navigates the political landscape.

Peng, a former finance teacher, is one of the wealthiest individuals at Alibaba and among several women poised to benefit from the Ant Group IPO. With a 1.7% stake in Ant, her net worth is estimated to be around $5 billion, given the fintech company's IPO target of $34.5 billion. Jack Ma is known for valuing women as essential to his success; about 40% of Alibaba Partnership members are women, which is a significant representation in management.

Biography

Moreover, Lucy Peng is one of seven women who hold billion-dollar-plus stakes in Ant, with their combined shares valued at $14.5 billion. For instance, Lucy Peng, as the Chairwoman of Lazada, is valued at around $5.2 billion, while others like Trudy Dai and Judy Tong also hold significant stakes.

Peng met Jack Ma through her husband, who worked with him at China Pages, a directory for Chinese companies seeking customers abroad. Born in southwestern China, she taught finance at the college level for five years before joining Alibaba. As the chief people officer, she contributed significantly to Alibaba's rise before becoming the CEO of Alipay, which later became part of Ant. Following its spin-off in 2011, Ant amassed over one billion users globally and saw its valuation grow eightfold in five years.

Now, as Ant prepares for a historic IPO, at least 17 other individuals are expected to become billionaires alongside Peng, who owns the second-largest stake in the company after Jack Ma. She stepped down as chairman of Ant in 2018 and currently leads Lazada, which Alibaba acquired for $1 billion in 2016.

China has recently seen a surge in self-made female billionaires, with two-thirds of the 15 self-made women among the world's 500 richest individuals being Chinese. This statistic highlights the growing influence and success of women in the entrepreneurial landscape, particularly in a country that is redefining its economic future.