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.
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