May 19, 2023 06:00 AM

BUSINESS

Alibaba Kicks Off Overhaul With Spinoff and Share Sale Targets

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Alibaba announced a historic overhaul in late March under which the e-commerce giant will split its $220 billion business into six units

Alibaba announced a historic overhaul in late March under which the e-commerce giant will split its $220 billion business into six units

Alibaba Group Holding Ltd. outlined timetables for several key business units to complete spinoffs or pursue independent share sales, kicking off major moves in a sweeping reorganization to break up the gigantic conglomerate and unleash new growth momentum.

Alibaba’s board of directors approved a full spinoff of its cloud services division while exploring initial public offerings for the logistics and grocery arms, the company said Thursday.

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