Each division will have separate boards of directors and budgets. Divisions can make decisions on initial public offerings.
Chinese online giant Alibaba Group Holding plans to restructure its business by creating six independent divisions. The South China Morning Post (SCMP) reported this in connection with a letter from the company’s management.
It is noted that Alibaba will have Cloud Intelligence Group, Taobao-Tmall online trading division, Cainiao logistics business, Local Services business in China, Global Digital Business Group, and also a division active in digital media and entertainment sector.
Each division will have separate boards of directors and budgets. Divisions can make decisions on initial public offerings.
It is reported that the head of the holding company, Daniel Zhang, will remain in his position and lead the cloud division. International Trade Director Jiang Fan will lead the global digital business, Trudy Dai will lead the online trading division.
It was also noted that Alibaba shares rose in price by 7.2% during preliminary trading in New York.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.