"Paradise," a round, oil on canvas depicting Earth, is crafted by Jack Ma, founder of Alibaba Group Holding Ltd. and his friend and renowned Chinese artist Zeng Fanzhi in 2014. Initially done by coating and dotting the canvas with paint, Ma and Fanzhi afterwards used palette knives to scrape the surface. This masterpiece aims to promote environmental awareness and is also considered as a way to give to charity.

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A painting by Alibaba's Jack Ma fetched $5.4 million for charity at a Hong Kong auction http://t.co/tNlmEnwDZk pic.twitter.com/XOhkaZvQxz

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"This is the first time I've painted and to have been able to do it with Fanzhi -- I am deeply honored," Ma shared on his statement in the auction catalog. "Together, we created an earth: to protect the earth, to protect the oceans, to protect the air, to protect water," he added.

Sold for HK$42.2 million ($5.4 million) at a Sotheby's auction in Hong Kong on Sunday, "Paradise" was sold to a telephone bidder handled by the auction house's Asia Chief Executive Officer Kevin Ching, as stated in a NASDAQ report.

According to Tech in Asia, the billionaire investor's first painting, auctioned through Taobao in 2013, went for nearly US$400,000. The news site also stated that whether Ma's newer painting looks 'better or worse' basically depends on personal opinions. And since his fame has only grown in the intervening years, it might imply more anticipations on new paintings as this has also been his way to share his fortunes to charity.

Zeng Fanzhi, a well-renowned contemporary artist in China, is known for his work "The Last Supper", which was sold for $23.3 million at Sotheby's two years ago, setting a record for an Asian living artist.

Jack Ma said that it was his pleasure that his painting was sold for charity at such cost, even if he has no plans yet or whatsoever to pursue such career.

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TagsJack Ma, Jack Ma's Oil Painting, Zeng Fanzhi, Sotheby