<div><b><span style="font-size: 1rem;">Alibaba announced Tuesday that it would split into six business groups in one of the most significant overhauls of a leading Chinese tech firm to date.</span><br></b></div><div><br></div><div>The Hangzhou-based firm is one of China's most prominent tech giants, with business operations spanning cloud computing, e-commerce, logistics, media and entertainment, and artificial intelligence.</div><div><br></div><div>Daniel Zhang, the company's chairman and CEO, said in a statement that the restructuring would enable each separate business to pursue its own fundraising and public listing plans.</div><div><br></div><div>Alibaba claimed the moves were intended to "unlock shareholder value and foster market competitiveness".</div><div><br></div><div>Under the new arrangement, each of the six newly established units will be managed by its own CEO and board of directors.</div><div><br></div><div>A key exception to the restructuring is Taobao Tmall Commerce Group -- the operator of one of China's top online purchasing platforms -- which will remain wholly owned by Alibaba Group.</div><div><br></div><div>Zhang will remain in his post as CEO of the company, although day-to-day operations of the individual business units will be ceded to the new management bodies.</div><div><br></div><div>The company said the new structure would bring greater market visibility to the value of its diverse business operations.</div><div><br></div><div>These changes will not affect Alibaba shares currently listed in New York and Hong Kong, the firm said.</div><div><br></div><div>Aiming for a more "nimble structure", the reorganisation will also involve cuts to the firm's middle and back office functions.</div><div><br></div><div>Recent years have seen the internet giant face unprecedented headwinds as Beijing has imposed tighter restrictions on the domestic tech industry.</div><div><br></div><div>Combined revenue at China's internet companies shrank by just over one percent to 1.46 trillion yuan ($212 billion) in 2022, the first contraction in almost a decade, according to data from the Ministry of Industry and Information Technology.</div><div><br></div><div>Alibaba founder Jack Ma has kept a low profile since late 2020, when a speech he made attacking Chinese regulators was followed by Beijing pulling the plug on Alibaba affiliate Ant Group's planned IPO.</div><div><br></div><div>Having ballooned into a sprawling corporate behemoth since its founding in 1999, the company has been seeking new ways to drive growth and reinvigorate its development.</div><div><br></div><div>Referring to the plan as a "transformation", Zhang said in the statement that it would make Alibaba "more agile, enhance decision-making, and enable faster responses to market changes".</div><div><br></div><div>Ma has been spotted around the world over the past two years, but made a rare public appearance in China on Monday after his fall from grace.</div><div><br></div><div>The celebrity entrepreneur has recently emphasised the need for Alibaba to embrace artificial intelligence technology, as new tools such as ChatGPT appear poised to reshape the global industry. - AFP&nbsp;</div><div><br></div><div>bnbd24/fas</div>