Alibaba founder Jack Ma, one of China’s top billionaires, has returned home. Along with this, he has also introduced a new plan for Alibaba Group to raise funds and facilitate business. The different businesses of Alibaba Group will now be divided into 6 parts.
One of the largest new generation business houses in China Alibaba The group is now going to split into 6 separate companies. Jack Ma, the founder of Alibaba Group, has recently returned to China. Along with this, he has planned to divide the business of Alibaba Group in order to organize it.
Jack Ma disappeared from China for a year
Let it be known that Jack Ma did not appear in China for almost a year. After leaving China in 2021, he spent most of his time in Australia, Japan and Thailand. Immediately after the return to China, the shares of Alibaba Group have also increased.
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Alibaba’s business will be different
According to Reuters news, this will be the first time in Alibaba Group’s 24-year history that the group’s businesses are being split up. Alibaba Group is going to split its media, entertainment, digital commerce and logistics and other operations into 6 separate companies.
The company’s business will be divided into various businesses such as Cloud Intelligence Group, Taobao Tmol Commerce Group, Local Services Group, Caniao Smart Logistics Group, Global Digital Commerce Group and Digital Media and Entertainment Group.
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Impact of China’s Changed Strategy
Business in China has suffered a lot due to Corona related restrictions and lockdown. Many companies in America and Europe are shifting business from there to reduce their dependence on China. In such a situation, China has changed its strategy for its domestic private sector.
China has announced a reduction in regulatory provisions to promote domestic private sector companies. Alibaba Group’s US-listed shares fell by more than 70 percent in the wake of the Cora sanctions. They have climbed 14 percent recently following Jack Ma’s return and now the split news.
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