Alibaba Group CEO Daniel Zhang has unveiled the Chinese retail giant’s reform plan, which includes economic restructuring and a new initial public offering process.
This happened, according to the South China Morning Post, according to the group’s CEO, that the Alibaba group is reorganizing its business into six separate divisions.
The group’s business will be divided into 6 independent companies, that is, it will be independently managed: cloud computing company “Cloud Intelligence”, “Taobao Tmall” for e-commerce, and “Sainiao” for intelligent logistics services.
And 3 more companies: “Local Services”, “Global Digital Business” and “Digital Media and Internet”.
It is planned that CEO Daniel Chang will lead the holding company or new structure and will transfer all operational authority, such as hiring, search and decision-making related to profit and loss, to the heads of each division.
Apart from raising funds through the IPO, Alibaba’s listing status on the New York and Hong Kong stock exchanges will not change. After the announcement of the plans, Alibaba shares in the US rose by 7%.
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