China’s giant group Alibaba is preparing to divide its business into six companies. The company officially announced this on Tuesday. The group’s plans also include e-commerce, media and cloud businesses. The company issued a statement saying that all of them will consider the possibility of raising funds at their own level or bringing an initial public offer. Meanwhile, Alibaba’s stock listed on the US stock market has jumped nearly seven per cent in pre-trading business.
division will be done like this
The six companies Alibaba is preparing to split into will include Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group and Digital Media & Entertainment Group. All these companies will be managed by their own CEO and Board of Directors.
Alibaba Group will now follow the holding company management model and Daniel Zhang will continue to serve as the Group’s Chairman and CEO. This news has come at a time when a day earlier, Alibaba founder Jack Ma was seen in a primary school in Hangzhou city of China after a year.
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