SHANGHAI — Jack Ma, the founder of Chinese e-commerce leader Alibaba Group Holding, reportedly has established a new company that sells prepackaged food.

Ma inaugurated the company in China on Wednesday, capitalized at 10 million yuan ($1.39 million), corporate data provider Qichacha reports. The main business involves precooked meals, which have enjoyed growing demand in China due to the stay-at-home effect of the pandemic.