Alibaba Group To Consider Giving Up Control Over Business Units After IPOs
NDTV
"Alibaba will be more of the nature of an asset and capital operator than a business operator, in relation to the business group companies," Group CEO Daniel Zhang told investors on a conference call today.
Alibaba Group said today it will look to monetise non-core assets and consider giving up control of some businesses, as the Chinese tech conglomerate reinvents itself after a regulatory crackdown that wiped 70% off its shares.
Group CEO Daniel Zhang said the company's breakup into separate businesses will allow its units to become more agile and eventually list on their own.
His comments come two days after Alibaba announced its largest restructuring in the company's history, which will see it change into a holding company structure with six business units, each with their own boards and CEOs.
"Alibaba will be more of the nature of an asset and capital operator than a business operator, in relation to the business group companies," Zhang told investors on a conference call on Thursday.
