Alibaba to decide on control over new business units after IPOs

SHANGHAI/HONG KONG :Alibaba Group's breakup into separate companies will allow its business units to become more agile and eventually list on their own, the tech conglomerate's chief executive Daniel Zhang said on Thursday.

The business units will have their own CEOs and boards, though Alibaba will retain seats on those boards in the short-term, Zhang added. "We believe the market is the litmus test so each company can pursue financing and IPO as and when they are ready," said Xu.

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Asian stocks rally as banking anxiety eases; Alibaba surgesSINGAPORE : Asian shares rose sharply on Wednesday while the dollar was on the defensive as easing concerns over the banking sector revived risk appetite, while Alibaba's stock soared on the internet behemoth's plans to split into six units. MSCI's broadest index of Asia-Pacific shares outside Japan was 0
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