China e-commerce giant Alibaba outlines future strategy
By ZEN SOO
AP Technology Writer
HONG KONG (AP) — Top executives of Chinese e-commerce and financial giant Alibaba says the company is moving toward giving up control of some of its business units in a transition toward becoming a capital operator to unlock the value of its sprawling businesses. Alibaba CEO Daniel Zhang outlined details of a plan announced earlier this week to split Alibaba into six main groups as a prelude toward stock listings of some of its companies. In a conference call, Zhang said Alibaba will become more of a holding company and controlling shareholder of group companies. The restructuring plan marks a new stage in Alibaba’s growth after a series of setbacks as regulators cracked down on it and other tech companies.
