Alibaba to split into 6 business units
By MYBRANDBOOK
Chinese tech giant Alibaba is planning to split the company into six business units, and each unit will explore fundraising or IPOs (initial public offerings), according to media reports. The six units will include the Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group, and Digital Media and Entertainment Group.
Each of the business units will be led by its own CEO and board of directors.
During the past couple of years, Alibaba’s share prices fell by billions owing to slowing economic growth at home and tougher regulations from Beijing.
"The move is designed to unlock shareholder value and foster market competitiveness," Alibaba was quoted as saying.
Moreover, the media report stated that Alibaba's shares popped more than 9 per cent in pre-market trade in the US after it announced to split the company into six business units.
"Each of these units can pursue independent fundraising and a public listing when they're ready," Alibaba CEO Daniel Zhang, was quoted as saying.
Meanwhile, Alibaba founder Jack Ma, who has rarely been seen in public in the past three years, has resurfaced at a school in China's Hangzhou, media reports said.
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
Paytm brings UPI Lite Wallet for low-value transactions
Paytm’s parent company One97 Communications (OCL) is emphasizing upon UP...
BHIM to join e-commerce, competing with PhonePe and Google Pay
The government-supported payment software BHIM is getting ready to join t...
FINOLEX INDUSTRIES LTD.
RELIANCE JIO INFOCOMM LTD.
STERLITE TECHNOLOGIES LTD.
TVS ELECTRONICS LTD.
Technology Icons Of India 2023: Lt Gen (Dr.) Rajesh Pant (Retd.)
LT Gen(Dr.) Rajesh Panth (Retd.), National cyber security coordination...
Technology Icons Of India 2023: Amit Chadha
. An influential leader in the engineering services industry for over ...
Technology Icons Of India 2023: Deepinder Goyal
Deepinder Goyal is the Founder and CEO of Zomato. Deepinder, or Deepi,...
New defence PSUs will help India become self-reliant
MIL, India’s biggest manufacturer and market leader is engaged in Pr...
ECIL continues to keep India ahead in the growth of Information Technology and Electronics
ECIL played a very significant role in the training and growth of high...
BSE provides highly secure, efficient and transparent market for trading
BSE (formerly known as Bombay Stock Exchange Ltd.) is Asia's first & t...
M. TECH SOLUTIONS (I) PVT. LTD.
M.Tech is a leading cyber security and network performance solutions ...
SAVEX TECHNOLOGIES PVT. LTD.
Savex Technologies is the 3rd largest Information & Communication Tec...
ADITYA INFOTECH LTD.
Aditya Infotech Ltd. (AIL) – the technology arm of Aditya Group, is ...