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March 31, 2023

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Alibaba restructuring fuels optimism

ALIBABA will still maintain business continuity across the range of different businesses despite the restructuring initiative, said Alibaba’s Chairman and Chief Executive Daniel Zhang yesterday.

“Our mission will remain unchanged, that is, making it easy to do business anywhere,” Zhang told a conference call.

“That will continue to be a shared vision across all of the companies at the Alibaba group level,” he added.

On Tuesday, the e-commerce giant announced that it will be split into six business groups, including Alibaba Cloud, Taobao T-Mall, Local Life, Cainiao, the International Digital Business and Big Entertainment, with their own board of directors and independent operations.

It was followed by share hikes, and yesterday, Alibaba shares rose 2.49 percent on the Hong Kong Exchange after climbing as much as 14 percent on Wednesday.


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