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29.05.2024
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Alibaba will carry out the largest reorganization of the business since its creation

original copy copy copy copyAlibaba Corporation, the world leader in online trading, will carry out the largest corporate restructuring of its business for the entire existence of the company, which was founded by Jack Ma more than two decades ago in the Chinese city of Hangzhou (eastern Zhejiang Province).

This is stated in a message on the official information portal of the company.
The corporation is reorganizing its business by creating six independent divisions: Cloud Technologies Cloud Intelligence Group, Taobao-Tmall e-commerce, Cainiao Intelligent Logistics Operations, Local Services Group, Global Business Operations Department Global Digital Business Group, Digital Media and Entertainment Industry Department. At the same time, as indicated in the company, the status of its listing on the stock exchanges in New York and Hong Kong will remain unchanged.
This holding will be headed by Alibaba Chairman of the Board of Directors Daniel Zhang (Chinese name Zhang Yun), but he will transfer all operational decisions related to hiring and firing employees, research, profit and loss to the heads of each division. In addition, he will oversee the direction of intelligent cloud technologies.
"This transformation will allow our entire business to become more flexible, improve the decision-making process and respond faster to market changes," an excerpt from Daniel Zhang's letter is quoted on the portal. "The market is the best litmus test. Each business group and company will be able to independently conduct capital raising and IPO when they are ready," he added.
According to the company's report, in the 2022 fiscal year (from April 1, 2021 to March 31, 2022, approx. TASS) total revenue increased by 19% year-on-year and amounted to 853.062 billion yuan (about $125.4 billion). Profit for the period decreased by 59%, to 61.959 billion yuan (about $ 9.1 billion), writes TASS.
At the beginning of August last year, it was reported that the Securities and Exchange Commission (SEC) The United States has included Alibaba shares in the list of Chinese companies that may face delisting. Alibaba, in turn, issued a statement that it will take all necessary steps to maintain its position on the stock markets in New York and Hong Kong.