Group CEO Daniel Zhang said the company's breakup into separate businesses will allow its units to become more agile and eventually launch their own initial public offerings (IPO).
MSCI's broadest index of Asia-Pacific shares outside Japan gained for a third day in a row, rising 0.3%. It is eyeing two consecutive quarters in the green for the first time since the middle of 2021.
Daniel Zhang's comments come two days after Alibaba announced its largest restructuring in the company's history, which will see it change into a holding company structure with six business units, each with their own boards and CEOs.
Alibaba Group Holding Ltd. is splitting its $220 billion empire into six business units as part of a massive restructuring that will free up its various divisions to operate with far greater autonomy.
China’s online commerce leader surprised markets by announcing Tuesday plans to split its $220 billion empire into six units that will individually raise funds and explore initial public offerings.
MSCI's broadest index of Asia-Pacific shares outside Japan was 0.82% higher, while Japan's Nikkei advanced 0.49%.
The move frees up the Chinese company’s main divisions from e-commerce and media to the cloud to operate with far more autonomy, laying the foundation for future spinoffs and market debuts.
Daniel Zhang, the company's chairman and CEO, said in a statement that the restructuring would enable each separate business to pursue its own fundraising and public listing plans.
Jack Ma, who is also the founder of Ant Group, discussed education and ChatGPT technology with the school, according to the report.
While IPOs have slowed in the past 18 months, velocity of exit has remained elevated in secondary markets in recent months
The online retailer reported net income rose a better-than-anticipated 69% to 46.8 billion yuan ($6.8 billion), but revenue rose just 2.1% to 247.76 billion yuan in the December quarter, slightly ahead of projections. Alibaba’s shares closed down slightly after climbing 6% in early New York trading.
Charlie Munger, the 99-year-old vice chairman of Berkshire Hathaway, opened up about his biggest investment blunder on February 15.
Ant Group’s nominee Douglas Feagin stepped down from Paytm’s board earlier this month
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According to the report, a Douyin spokesperson said that the company has been “testing a feature in Beijing, Shanghai and Chengdu that enables merchants to promote and sell ‘group-buying’ packages to Douyin users in these select cities and have them delivered.”
The Chinese e-commerce group's statement came after the 21st Century Herald newspaper reported that Alibaba is developing a ChatGPT-like dialogue robot which is currently open to employees for testing.
Paytm CEO says goal of achieving operating profitability might be achieved sooner than the projected date of September quarter
The billionaire entrepreneur, an idol of the meme-stock crowd who muscled his way onto the GameStop board, has taken a stake in Alibaba worth hundreds of millions of dollars.
Ryan Cohen , who built his fortune by co-founding online pet retailer Chewy Inc and cemented it with investments in videogame retailer GameStop and Apple Inc, reached out to Alibaba last August to express concerns, the people said.
Alibaba, which held a 6.26% stake in Paytm as at end-September, sold the stake at 536.95 rupees apiece, the source said.
Hong Kong-listed shares of Jack Ma's Alibaba jumped more than 5%.
Jack Ma, who has been mostly out of public view amid China's tech crackdown, is back in news after relinquishing control of Alibaba affiliate Ant Group.
Asia-Pacific markets declined on Monday with Hang Seng index falling 2.11 percent and leading losses in the region
Ant Financial and Alipay, through which Alibaba has invested in Zomato, would bring down their stake to about 10 percent, by selling shares in Zomato at a 5-6 percent discount, CNBC Awaaz has said
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