Photo: Alibaba
Alibaba will change the corporate structure
Each division will have separate boards of directors and budgets. Divisions will be able to make decisions on the initial public offering.
Chinese online giant Alibaba Group Holding plans to reorganize its business by creating six independent divisions. It is reported by the South China Morning Post (SCMP) with reference to 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 the digital media and entertainment sector.
Each division will have separate boards of directors and budgets. Divisions will be able to make decisions on the initial public offering.
It is reported that the head of the holding company, Daniel Zhang, will retain his post and head the cloud division. International Trade Director Jiang Fan will lead the global digital business, Trudy Dai will lead the online trading division.
It is also noted that the shares of Alibaba have risen in price by 7.2% during the preliminary trading in New York.
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