Alibaba is planning a radical shake up to split off its logistics, cloud and local services from its main ecommerce business in a bid to bolster the ailing Chinese tech giant’s share price.
The reorganisation will turn Alibaba into a holding group, with each of its six business units led by a separate chief executive and board empowered to bring in outside capital or list publicly, the company said.
“The market is the best litmus test, and each business group and company can pursue independent fundraising and IPOs when they are ready,” chief executive Daniel Zhang said in a letter to employees.
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