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Al-Houthi: We find ourselves in the most sacred battle and the greatest position. We do not consider the sacrifices to be wasted losses; rather, we have given everything for the sake of this stance.
Al-Houthi: The Zionist scheme is undoubtedly a plot to enslave and exploit this nation. This is a fact, not an exaggeration.
Al-Houthi: Great sacrifice in the path of God only increases our steadfastness, determination, certainty, resilience, and cohesion.
Al-Houthi: The Zionist crime confirms the importance of Yemen's conscious and insightful position based on constants, values, and human ethics.
Al-Houthi: The Israeli enemy is a criminal who proves its brutality and monstrosity through all its criminal practices, void of any controls.
Al-Houthi: The Israeli enemy's record is one of terrible and horrific crimes, full of bloodshed against the Palestinian people and people in Lebanon, Syria, Iraq, and Iran.
Al-Houthi: The crime of targeting ministers and civilian workers adds to the Israeli enemy's criminal record in the region.
Al-Houthi: All of the martyrs were ministers working in civilian fields.
Sayyed Abdul Malik al-Houthi: We extend our sincerest condolences to all the martyrs' families, their loved ones, their colleagues, and our dear people.
Al Mayadeen's correspondent: An Israeli drone targeted a residential apartment in the al-Natour Square in the Sheikh Radwan neighborhood of Gaza City

Alibaba reshapes, to split into six units

  • By Al Mayadeen English
  • Source: News websites
  • 2 Apr 2023 10:13
3 Min Read

Alibaba Group Holding Ltd. intends to divide its business into six main units, each of which will have a different focus.

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  • The logo of Chinese technology firm Alibaba is seen at its office in Beijing, Tuesday, Aug. 10, 2021. (AP)
    The logo of Chinese technology firm Alibaba is seen at its office in Beijing, Tuesday, Aug. 10, 2021. (AP)

Alibaba announced plans to split its business into six separate units on Tuesday, a move that promises to radically reshape the sprawling Chinese e-commerce firm founded by Jack Ma nearly 25 years ago.

The company revealed that each new business unit will be led by its own CEO and board of directors. According to a company statement issued on Tuesday, five of the new business groups "will also have the flexibility to raise outside capital and potentially seek its own IPO."

One day after Ma made a rare public appearance in China, one of the country's most recognizable companies underwent a significant restructuring.

Ant Group, a financial affiliate of Alibaba also founded by Ma, was forced to pull its $37 billion IPO at the last minute in November 2020, following a speech from Ma in which he criticized China's banks and financial regulators. The year after, Alibaba was slammed with a fine from China's antitrust. 

Alibaba lost roughly 75% of its market value between its peak in October 2020 and the same month two years later, as its shares experienced a sharp decline during that time. However, attitudes have changed this year. Ant Group was successful in obtaining crucial approval for the capital expansion of its consumer finance division, and China has generally taken a more pro-business stance.

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Ma was seen with students and teachers at the Alibaba-funded Yungu School on Monday in Hangzhou, where he visited and "discussed the future of education with the campus directors," per a post from the school on WeChat. He stepped down as CEO of Alibaba in 2013 and his role as executive chairman in 2019.

With the reorganization, Alibaba seems to be following the lead of US tech giants like Google, which changed its name to Alphabet. Alibaba claims that the objective is to create more agile businesses that can ultimately unlock more value for investors.

“This transformation will empower all our businesses to become more agile, enhance decision-making, and enable faster responses to market changes,” Daniel Zhang, CEO and chairman of Alibaba Group, said in an email to employees.

A Cloud Intelligence Group, a Taobao Tmall Commerce Group, a Local Services Group, a Cainiao Smart Logistics, a Global Digital Commerce Group, and a Digital Media and Entertainment Group will be the six newly created business units.

Read next: US Alibaba delisting, others will make US market less attractive: GT

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