Alibaba Group plans to break up empire into six units, seek IPOs

Alibaba Group plans to split its business into six main units covering e-commerce to cloud in the biggest restructuring of its 24 year history, five of which it said will explore fundraising or initial public offerings.

The six units are Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group and Digital Media and Entertainment Group, it said in a statement.

Each of the six will be managed by its own CEO and board of directors.