Alibaba to split into 6 groups, separate IPOs expected

Alibaba announced Tuesday that it would split into six business groups in one of the most significant overhauls of a leading Chinese tech firm to date.

A key exception to the restructuring is Taobao Tmall Commerce Group -- the operator of one of China's top online purchasing platforms -- which will remain wholly owned by Alibaba Group. These changes will not affect Alibaba shares currently listed in New York and Hong Kong, the firm said. Combined revenue at China's internet companies shrank by just over one percent to 1.46 trillion yuan in 2022, the first contraction in almost a decade, according to data from the Ministry of Industry and Information Technology.Alibaba's decision to restructure comes on the heels of a promise by Beijing to support the private sector.

But Li -- one of Chinese President Xi Jinping's most trusted allies -- has said that goal would be hard to attain. Referring to the plan as a"transformation", Zhang said in the statement that it would make Alibaba"more agile, enhance decision-making, and enable faster responses to market changes".

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