Alibaba to split itself into 6 business groups

KIFI

Published March 28, 2023 7:24 AM

By MICHELLE CHAPMAN
AP Business Writer

NEW YORK (AP) — Alibaba is separating the company into six business groups as it looks to react faster to market changes and increase their value. Shares of Alibaba Group jumped 8% at the opening bell Tuesday. The company said in a regulatory filing that it will be split into the Cloud Intelligence Group, Taobao Tmall Business Group, Local Services Group, Global Digital Business Group, Cainiao Smart Logistics and Digital Media and Entertainment Group. The company said that each group will be able to potentially seek its own initial public offering, except for Taobao Tmall Business Group, which will stay wholly-owned by Alibaba Group.

Article Topic Follows: AP National Business

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