Alibaba Stock Leaps After Chinese Tech Giant Unveils Big Shakeup -- WSJ-To The Moon - Tiger Brokers Online Investing Community - To The Moon

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Alibaba Stock Leaps After Chinese Tech Giant Unveils Big Shakeup -- WSJ

Dow Jones2023-03-28

By WSJ Staff

Alibaba's American depositary receipts are surging, after the Chinese tech giant laid out plans to split its business into six independently run entities .

Its Nasdaq-listed ADRs (BABA], had shut.

Alibaba's business empire will be split up into six major areas: cloud; Chinese e-commerce; global e-commerce; digital mapping and food delivery; logistics; and media and entertainment.

Alibaba Group will become a holding company overseen by current Chairman and Chief Executive Daniel Zhang. Each entity can raise funds and pursue an initial public offering when ready, Mr. Zhang said.

Alibaba's listings in in New York and Hong Kong won't be affected, people familiar with the matter said. The plans were made public a day after co-founder Jack Ma reappeared in China after almost a year overseas.

NOTE: In-line links reference additional content of interest chosen by the WSJ news team.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

March 28, 2023 08:47 ET (12:47 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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KSONG
·2023-03-28
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