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Alibaba will split into six units, reshaping Jack Ma's business empire | CNN Business

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E-commerce giant Alibaba will split into six units, a move that comes as Beijing sends signals its crackdown on the tech sector may be nearing an end

Each new business unit will be overseen by its own chief executive and board of directors, the company said. Five of the new business groups “will also have the flexibility to raise outside capital and potentially to seek its own IPO,” according to a company statement on Tuesday.

Ant Group won a key approval for capital expansion of its consumer finance unit and China has broadly adopted a more business-friendly posture. On Monday, Ma was seen meeting with students and teachers at the Alibaba-funded Yungu School in Hangzhou, where he visited and “discussed the future of education with the campus directors,” per post from the school on WeChat. Ma stepped down as CEO of Alibaba in 2013 and retired from his role as executive chairman in 2019.

 

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Alibaba to break up business into six units, seek IPOs | CNN BusinessAlibaba Group plans to split its business into six main units covering e-commerce to cloud in the biggest restructuring of its 24-year history. This a great move and will hopefully set an example for Amazon, Facebook, Microsoft, Google and co. It is time that these companies break themselves or face monopolistic oversight.
Source: cnni - 🏆 326. / 59 Read more »

Jack Ma makes rare public appearance in China | CNN BusinessJack Ma, the billionaire founder of Alibaba and once one of China’s most prominent entrepreneurs, has made a rare public appearance in the country. CNN💩💰🇨🇳
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