Photo: AFP/ Koki Kataoka
Eurasia
31/03/2023 07:00
Each business group will be managed by its own CEO and board of directors, CNBC writes. Alibaba said in a statement that the move is “designed to unlock shareholder value and foster market competitiveness,” it adds.
The move frees up the Chinese company’s main divisions from e-commerce to media to the cloud to operate with far more autonomy, laying the foundation for future spin-offs and market debuts, the Straits Times notes. "The shift to a holding company structure is rare for major Chinese tech firms and could present a template for Alibaba’s peers. Decentralising the company’s business lines and decision-making power addresses one of Beijing’s primary goals during its sweeping crackdown on the technology sector," the news site adds.