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China Alibaba
Posted on 2023-03-30 17:05:14
The CEO of Chinese e-commerce and financial giant Alibaba says the company is
moving toward giving up control of some of its business units.

The move is part of a transition toward becoming a capital operator, to
unlock the value of its sprawling businesses.

Alibaba CEO Daniel Zhang outlined details of a plan announced earlier this
week to split Alibaba into six main groups as a prelude toward stock listings
of some of its companies.

In a conference call, Zhang said Alibaba will become more of a holding
company and controlling shareholder of group companies.

The restructuring plan marks a new stage in Alibaba's growth after a series
of setbacks as regulators cracked down on it and other tech companies.

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