https://apnews.com/article/alibaba-restructuring-taobao-tmall-china-ddcc1ae56e25a8a7dd28ae4543215647

HONG KONG (AP) — The CEO of Chinese e-commerce and financial giant Alibaba said Thursday that the company is moving toward giving up control of some of its business units in a transition toward becoming a capital operator to optimize the value of its sprawling businesses.

Daniel Zhang outlined details of a plan announced earlier this week to split Alibaba into six main groups as a prelude toward stock listings of some of its companies. The restructuring marks a new stage in Alibaba’s growth after a series of setbacks as regulators cracked down on it and other tech companies.