E-commerce giant Alibaba will split into six units, a move that comes as Beijing sends signals its crackdown on the tech sector may be nearing an end
Each new business unit will be overseen by its own chief executive and board of directors, the company said. Five of the new business groups “will also have the flexibility to raise outside capital and potentially to seek its own IPO,” according to a company statement on Tuesday.
Ant Group won a key approval for capital expansion of its consumer finance unit and China has broadly adopted a more business-friendly posture. On Monday, Ma was seen meeting with students and teachers at the Alibaba-funded Yungu School in Hangzhou, where he visited and “discussed the future of education with the campus directors,” per post from the school on WeChat. Ma stepped down as CEO of Alibaba in 2013 and retired from his role as executive chairman in 2019.
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