News of the restructuring comes one day after Alibaba founder Jack Ma was spotted at a primary school in Hangzhou, marking his first public appearance in mainland China in over a year.
Shares of Chinese e-commerce giant Alibaba are higher on Tuesday after the company announced it will split its business into six different units.
The six units will include Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group and Digital Media and Entertainment Group. Each of the new units will be managed by its own chief executive and board of directors and will explore fundraising or initial public offerings. Alibaba Group will move toward a holding company manage model, with Daniel Zhang continuing to serve as CEO. He will also be the chief executive of the Cloud Intelligence Group.
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