Alibaba to host conference call on Thursday to discuss split plans

Wednesday, 29 March 2023, 08:27:07
SINGAPORE (March 29): Alibaba Group Holding Ltd will host a conference call on Thursday, the company said on Wednesday, to discuss its plan to split into six units and explore fundraisings or listings for most of them. The move, announced on Tuesday, lifted shares of Alibaba and other leading Chinese tech firms, as investors cheered an unprecedented revamp of the Jack Ma-founded company as heralding the beginning of the end to Beijing”s crackdown on the sector. The conference call is scheduled for 8 a.m. (0000 GMT) on March 30, the company said.
— The Edge Markets

Alibaba to restructure as six separate companies

Wednesday, 29 March 2023, 08:24:01
Jack Ma’s empire is getting broken down into six different units. Alibaba Group is planning to split into six units, the company told Reuters. The…
— GSMArena

Alibaba to split into six units, paving way for separate listings

Wednesday, 29 March 2023, 08:22:39
Alibaba announced on Tuesday that it intends to split its operations into six standalone units, each managed by a different chief executive. CEO Daniel Zhang announced the restructuring in an internal email on Tuesday, stating that each unit needs to prove itself in the market environment and accomplished units can go public and raise funds […]
— TechNode

Asian stocks rise as anxiety over banks starts to fade

Wednesday, 29 March 2023, 08:14:15
BEIJING (AP) — Asian stocks rose Wednesday as anxiety about the global financial system began to fade following three high-profile bank failures. Tokyo, Hong Kong and Sydney advanced. Shanghai followed Wall Street lower. Oil prices gained. Fears global banks might be cracking under the strain of interest rate hikes to cool inflation temporarily pushed aside unease about slowing economic growth. Some calm has returned after regulators announced measures to shore up the system . “Clearly, investors have not completely lost their anxiety,” said Robert Carnell and Min Joo Kang of ING in a report. The Shanghai Composite Index lost less than 0.1% to 3,243.06 while the Nikkei 225 in Tokyo gained 0.8% to 27,728.70. The Hang Seng in Hong Kong jumped 1.9% to 20,165.60 after Chinese e-commerce giant Alibaba Group announced plans to split into six units in an effort to become more agile and unlock value for investors. It said they would include e-commerce, entertainment and logistics. The Kospi in Seoul was unchanged at 2,435.60 while Sydney’s S&P-ASX 200 advanced 0.2% to 7,050.30.
— WNYT

Asian stocks rise as anxiety over banks starts to fade

Wednesday, 29 March 2023, 08:13:13
Asian stocks are higher after anxiety about the global financial system began to fade following three high-profile bank failures. Tokyo and Sydney advanced while Shanghai edged lower. Hong Kong rose after e-commerce giant Alibaba announced plans to split into six business units. Oil prices gained. Fears global banks might be cracking under the strain of interest rate hikes to cool inflation temporarily pushed aside unease about slowing economic growth. Some calm has returned after regulators announced measures to shore up the system. The failure of two U.S. banks and one in Switzerland creates a dilemma for central bankers who are trying to cool economic activity and bring down inflation that is near multi-decade highs.
— Beaumont Enterprise