The six entities will each have their own CEOs and boards of directors.
Business groups and business companies will set up boards of directors, respectively, and implement the CEO responsibility system under the leadership of the board of directors of each business group and business company, while Alibaba Group will move towards the management model of a holding company in an all-round way, Alibaba said in a statement on Tuesday.
In 2020, Alibaba's financial technology organisation, Ant Group, was forced to withdraw a US$37 billion initial public offering on the Hong Kong and Shanghai stock markets after the intervention of Chinese regulators.Tuesday's announcement caused a 9 per cent increase in Alibaba stock value in pre-market trading in the US markets.The Cloud Intelligence Group will be led by current Alibaba CEO Daniel Zhang.
The Global Digital Commerce Group will be led by Jiang Fan and will handle Alibaba's international sales businesses.
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