South China Morning Post: Alibaba will divide its business into six separate segments
MOSCOW, March 28 – RIA Novosti. Alibaba Group Holding, China’s largest internet company, will reorganize its various business lines into six independent divisions, the newspaper reported. South China Morning PostOwned by Alibaba, citing CEO Daniel Zhang.
“This transformation will allow all of our businesses to be more agile, improve decision making and respond more quickly to market changes,” Zhang wrote in a letter to employees.
According to the newspaper, six separate divisions will be engaged in cloud artificial intelligence, e-commerce (under the Taobao and Tmall platforms), logistics, provision of local services, digital business and the development of electronic media and entertainment.
Each of the new divisions will independently take decisions on competition issues as well as fundraising within the framework of the IPO. The listing status of Alibaba itself on the New York and Hong Kong stock exchanges will not change.
Following the news, the company’s shares in the US front market rose 7%.
Earlier this week, Alibaba founder Jack Ma was spotted in mainland China after a long overseas trip, according to a number of media outlets. The Yungu School in Hangzhou, eastern China, posted on its official WeChat account on Monday about Jack Ma’s visit. During his visit to the school, he discussed the problem of artificial intelligence in the context of education with the school’s leadership.
Alibaba Group is China’s largest Internet company operating in e-commerce. It was founded in 1999 by Jack Ma. The group has several subsidiaries and websites: Alibaba Pictures, Alibaba.com, AliExpress.com, Taobao.com, Tmall.com.
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