Alibaba plans to split into six units and explore fundraisings or listings for most of them, in a major revamp as China vows to ease a sweeping regulatory crackdown and support its private enterprises
plans to split into six units and explore fundraisings or listings for most of them, it said on Tuesday, in a major revamp as China vows to ease a sweeping regulatory crackdown and support its private enterprises.
The revamp comes a day after its founder Jack Ma returned home, ending a year-long stay abroad and as Beijing looks to spur private sector growth after a two-year-long crackdown on its showpiece private enterprises. Zhang will continue as chairman and CEO of Alibaba Group, which will follow a holding company management model, and also serve as CEO of Cloud Intelligence Group.
Zhang said the company would "lighten and thin" its middle and back office functions, but did not detail job cuts.The logo of Alibaba Group is seen at its office in Beijing, China January 5, 2021. REUTERS/Thomas PeterInvestors said the announcement stems concerns that Alibaba had lost growth potential and signals the clearing of regulatory worries.
Lately, authorities have been softening their tone towards the private sector as leaders try to shore up an economy battered by three years of strict COVID-19 curbs.
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