Alibaba will be split into six independent entities to speed up the decision-making process. Hong Kong edition reports. South China Morning Post.
In a letter to employees, company management said that six organizations will include a cloud intelligence development group, as well as five divisions: Taobao e-commerce – Tmall, Cainiao logistics operations, field services, global e-commerce and digital media and entertainment.
The company noted that organizations will each need to find their own ways of earning and surviving in a competitive market economy.
On March 27, Alibaba co-founder Jack Ma return in China after a year abroad. Jack Ma stepped down as general manager of Alibaba in 2019 and said he wanted to devote his time to philanthropy and rural education.
Ma’s return is linked to Beijing’s efforts to restore commercial confidence. Recently, the new Chinese Premier Li Qiang said that “the government’s commitment in this direction (supporting the private sector. – Gazeta.ru) is firm and unwavering.” Shares of Alibaba, traded in Hong Kong, rose more than 4% after Jack Ma’s return.