The company in March announced plans to reshape itself into six business divisions with plans to allow all but its core e-commerce business to raise external capital and go public.
In an earnings call Thursday, Alibaba CEO Daniel Zhang said that the Alibaba plans to fully spin off its cloud computing unit and complete a public listing in the next 12 months, allowing it to “optimize operations,” Zhang said.
Alibaba’s board of directors approved the full spin-off of the cloud computing unit via a stock dividend distribution to shareholders, the company said.
This story is from the May 20, 2023 edition of Techlife News.
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This story is from the May 20, 2023 edition of Techlife News.
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