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Alibaba to split into 6 groups, separate IPOs expected
Alibaba said the moves were intended to "unlock shareholder value and foster market competitiveness".
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A woman walks past an Alibaba sign outside the company's office in Beijing on April 13, 2021. (AFP/Greg Baker)
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libaba announced Tuesday that it would split into six business groups in one of the most significant overhauls of a leading Chinese tech firm to date.
The Hangzhou-based firm is one of China's most prominent tech giants, with business operations spanning cloud computing, e-commerce, logistics, media and entertainment, and artificial intelligence.
Daniel Zhang, the company's chairman and CEO, said in a statement that the restructuring would enable each separate business to pursue its own fundraising and public listing plans.
Alibaba said the moves were intended to "unlock shareholder value and foster market competitiveness".
Under the new arrangement, each of the six newly established units will be managed by its own CEO and board of directors.
A key exception to the restructuring is Taobao Tmall Commerce Group -- the operator of one of China's top online purchasing platforms -- which will remain wholly owned by Alibaba Group.
Zhang will remain in his post as CEO of the company, although day-to-day operations of the individual business units will be ceded to the new management bodies.
