Alibabas landmark restructuring has sent its shares soaring in New York and Hong Kong, as investors bet on the return of regulatory support for Chinas tech industry and private businesses after more than two years of a brutal crackdown.
But the nature of the overhaul, in which the internet conglomerate will split its business into six separate units, is a sign that Beijings campaign against Big Tech hasnt fundamentally changed. Regulators still intend to reduce the monopolistic nature of tech giants and limit their power, even as they urge private companies to do their part to create jobs and boost a flagging economy.
The news of the restructuring came shortly after the return of co-founder Jack Ma to mainland China. Ma …
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