(Reuters) -Alibaba Group Holding Ltd plans to split its $220 billion business into six main units covering e-commerce, media and the cloud, each of which will explore fundraising or initial public offerings, Bloomberg News reported on Tuesday. U.S.-listed shares of Alibaba rose 3.5% in trading before the bell. Chief Executive Officer Daniel Zhang will head up the […]
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Alibaba splits into six units that may pursue individual IPOs – Bloomberg News
(Reuters) -Alibaba Group Holding Ltd plans to split its $220 billion business into six main units covering e-commerce, media and the cloud, each of which will explore fundraising or initial public offerings, Bloomberg News reported on Tuesday.
U.S.-listed shares of Alibaba rose 3.5% in trading before the bell.
Chief Executive Officer Daniel Zhang will head up the cloud intelligence division, the report said.
(Reporting by Lavanya Ahire in Bengaluru; Editing by Savio D’Souza)