Chief executive Daniel Zhang said that while the split mirrored the lines of its existing business groups, the relationship between Alibaba and its units would change.
Alibaba and Tencent have felt the effects of a Covid-induced economic slowdown in China which is hitting areas from consumer spending to advertising budgets.
Alibaba said in its annual report that the two companies agreed to terminate their data sharing agreement on July 25, and will instead negotiate on a case-by-case basis. The move away from Ant comes after Alibaba experienced a difficult year, with stagnant revenue growth, capital market risks, as well as national security issues.
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