Hong Kong shares of Alibaba Group soared on Wednesday, marking a vote of confidence from investors after the company announced a major restructuring plan.
holding company structure
, with Daniel Zhang retaining his position as group CEO, and six sub-divisions each with their own CEOs and boards. The revamp is the most significant restructuring in the company's history and comes after Beijing launched a years-long regulatory crackdown on the tech sector, in which Alibaba was a common target.
One day before the re-organization was announced, Alibaba founder Jack Ma, who had been out of mainland China since late 2021,Reporting by Josh Horwitz in Shanghai and Donny Kwok in Hong Kong; Editing by Muralikumar Anantharaman and Sam Holmes
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