Alibaba kicks off unit IPOs as revenue growth weakens
Chinese tech giant to list logistics and grocery arms and spin off cloud division in big restructuring
Alibaba is planning to list its logistics and grocery businesses within the next 18 months and spin off its cloud division as the Chinese group commences a massive shake-up of its tech empire.
In its first financial results since the tech giant announced plans to split into six businesses, Alibaba kicked off the group’s break-up as it posted a single-digit rise in revenues during the first quarter.
The Chinese group on Thursday said revenues had risen 2 per cent in the three months to March to Rmb208bn ($30bn), compared with a year earlier.