Alibaba to Split Into 6 Groups, Explore IPOs

Alibaba ($BABA@China) announced on Tuesday that it will split into six business groups and explore the option to go public for each entity. The China-based e-commerce giant said in a statement that the move is “designed to unlock shareholder value and foster market competitiveness.” The six businesses will include cloud and artificial intelligence, online shopping platforms, food delivery and mapping, logistics, e-commerce, and streaming and movies. Alibaba has lost $600 billion in value since Chinese regulators forced the company to cancel its public listing in November 2020. In 2021, Alibaba was fined $2.6 billion as part of an antitrust probe. Alibaba’s shares jumped more than 9 percent in pre-market trading in the U.S.