Alibaba, a key e-commerce player in China, is planning to split up into six businesses, which will become separate public companies, according to ABC News.
The move, which comes after regulators in China clamped down on the tech industry, targeting companies including Alibaba, marks a new phase for the e-commerce conglomerate. Since 2020, Jack Ma, Co-Founder of Alibaba Group, has been out of the public eye. This move undoes the centralization that he led and effectively breaks up his business empire.
Alibabas CFO Toby Xu said the company would evaluate the strategic importance of each unit after they go public and decide whether or not to retain control. The restructuring plan could also allay past antitrust concerns since it would creat…
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