(Source: Internet)

According to Alibaba's financial report in 2019, Jack Ma holds 6.2% of the shares and is still the largest individual shareholder of Alibaba; SoftBank holds 25.9% of Alibaba's shares, the largest share; Altaba is Alibaba's second largest shareholder, with a shareholding ratio of 9.4%.

Extended reading:

Announced on September 10, 2018: One year later, on September 10, 2019, Jack Ma announced his resignation as Chairman of the Board of Directors of Alibaba Group, and Zhang Yong will serve as CEO. But this decision does not affect his "right" to speak within Alibaba at all. Because he has not yet stepped down from the board of directors, he just stepped down as CEO. The biggest difference between the board of directors and the CEO is that the former is for business decisions, and the latter is for decision execution. According to these two comparisons: he just switched to become a real "behind-the-scenes operator."

(Source: Internet)

In fact, Jack Ma can also replace the CEO during this period. This is determined by Alibaba’s core power system - the partnership system. In the "explanation" of this system, we can find evidence that Jack Ma still has "real power":

Alibaba’s partnership system is also known as the "Lakeside Partnership System", which was formally established in 2010. Except for "Jack Ma" and "Cai Chongxin" as permanent partners, the number of other partners is variable. Alibaba is different from traditional companies that rely on equity to control the company. Alibaba's control is firmly in the hands of partners. Through the partnership system, Alibaba's partners have the right to nominate and appoint directors that exceeds other shareholders. The core of Alibaba's control is partners rather than shareholders.

So, even if Zhang Yong becomes CEO and SoftBank Group is Alibaba's largest shareholder. It does not affect Jack Ma's decision-making power over Alibaba at all.