Alibaba to Split Into 6 Units as China Vows to Ease Crackdown on Private Sector
Alibaba Group is planning 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 US-listed shares of the Chinese e-commerce conglomerate, which have lost nearly 70 percent of their value since the curbs were imposed in late 2020, rose more than 10 percent. Alibaba said the biggest restructuring in its 24-year history would see it split into six units - Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group and Digital Media and Entertainment Group. The revamp comes a day after Alibaba founder Jack Ma returned home from a year-long stay abroad, a move that dovetailed with Beijing's effort to spur growth in the private sector after two years of crackdown. Analysts said the breakup could ease scrutiny over the tech giant whose sprawling busine...