China ecommerce giant Alibaba outlines future strategy

Top executives of Chinese ecommerce and financial giant Alibaba said on Thursday the company is moving towards giving up control of some of its business units in a transition toward becoming a capital operator to optimise the value of its sprawling businesses.

Alibaba chief executive Daniel Zhang outlined details of a plan announced earlier this week to split Alibaba into six main groups as a prelude toward stock listings of some of its companies.