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Following the Chinese government's decision to break up large tech companies into smaller ones, Alibaba has reorganised its Taobao and Tmall companies by forming three key industry growth units based on consumption patterns and customer demand scenarios.
Alibaba founder Jack Ma has kept a low profile since late 2020 when a speech he made attacking Chinese regulators was followed by Beijing pulling the plug on Alibaba affiliate Ant Group's planned IPO
Each of the six business groups will be managed by its own CEO and board of directors and will retain the flexibility of seeking outside capital, Reuters reported.
Each business group and other investments will retain the flexibility to raise outside capital and seek an initial public offering, Alibaba said in a statement.