Alibaba is planning to list its logistics and grocery businesses within the next 18 months and spin off its cloud division as the Chinese group commences a massive shake-up of its tech empire.
In its first financial results since the tech giant announced plans to split into six businesses, Alibaba kicked off the group’s break-up as it posted a single-digit rise in revenues during the first quarter.
The Chinese group on Thursday said revenues had risen 2 per cent in the three months to March to Rmb208bn ($30bn), compared with a year earlier.
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