Alibaba announced Tuesday that it would split into six business groups in one of the most significant overhauls of a leading Chinese tech firm to date.
The Hangzhou-based firm is one of China's most prominent tech giants, with business operations spanning cloud computing, e-commerce, logistics, media and entertainment, and artificial intelligence.
Under the new arrangement, each of the six newly established units will be managed by its own CEO and board of directors. The company said the new structure would bring greater market visibility to the value of its diverse business operations. Recent years have seen the internet giant face unprecedented headwinds as Beijing has imposed tighter restrictions on the domestic tech industry.
Having ballooned into a sprawling corporate behemoth since its founding in 1999, the company has been seeking new ways to drive growth and reinvigorate its development.
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