China’s largest public company has announced a massive business reorganization. Alibaba Group will be divided into six companies, each of which will be able to independently attract investment and enter the IPO.
The CEO of Alibaba Group has announced a massive business shakeup. Daniel Zhang called this process the most important organizational change in the company’s 24-year history.
Alibaba Group’s business will be divided into six divisions, each of which will be able to independently raise investment, enter an IPO (first public offering), and form a board of directors. As part of the reorganization, the following will be created:
- Alibaba Cloud Intelligence’s cloud division;
- online trading company Taobao Tmall;
- the digital business division of International Digital Commerce;
- Local Life food delivery business;
- Cainiao Logistics Division;
- digital media and entertainment development company Dawen Entertainment.
Following the news of Alibaba Group’s reorganization, the company’s shares on the New York Stock Exchange rose 7.7% to $92.7 per share.
Author:
Kirill Bilyk
Source: RB
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