Alibaba to split into 6 companies

Chinese technology conglomerate Alibaba will split into six companies that could seek separate IPOs.

Alibaba will divide itself into cloud computing, Chinese e-commerce, global e-commerce, digital mapping and food delivery, logistics, and media.

Alibaba CEO Daniel Zhang said that the reorganization will make each business more nimble and capable of dealing with competitors.
Each of the new businesses will have its own CEO and board of directors.
Zhang will lead the new cloud-computing division and will stay on as the head of Alibaba Group, which will become a holding company.
The domestic commerce business will stay under the control of Alibaba Group.
Alibaba is valued at around $230B , down from a peak of over $800B in October 2020 .

Alibaba co-founder Jack Ma returned to China this week after a year overseas.
Ma reportedly spent time in Japan and also traveled toSingapore, Australia, and Thailand.
He has kept a low public profile since giving a speech in 2020 in which he criticized Chinese regulators.