Daniel Zhang Leaves Alibaba’s Cloud Unit amidst Restructuring
After 16 years of service to the firm, Zhang is ready to move on to the next career phase. Alibaba expressed gratitude for his work at the company.
After 16 years of service to the firm, Zhang is ready to move on to the next career phase. Alibaba expressed gratitude for his work at the company.
According to Alibaba, Eddie Wu will take over from Daniel Zhang as CEO, to allow Zhang focus on the company’s Cloud intelligence business.
While Alibaba still maintains its dominance in most of the industries it is invested in, earlier the company unveiled plans to split itself into 6 functional units.
Following two years of crackdowns and sanctions, China appears ready to unlock private sector potential via tech IPO developments.
As the tech space digests the Alibaba news, attention also shifts to what becomes of Ant Group’s 2020 suspended IPO.
Chinese e-commerce giant Alibaba has confirmed plans to split into smaller groups to allow each one pursue independent IPO.
Several Ant-linked firms experienced a notable increase in the value of their shares after a Ma organizational development.
Jack Ma’s giving up control has already pushed the timeline of the IPO launch for three years on Shanghai’s STAR Market.
According to the 2022 IPO Prospectus, Jack Ma commands 50.52% of Ant shares through related entities.
Alibaba shares retraced after Ant said that it had no interest in an IPO. The planned IPO would have been the biggest in history.