9/12/2023 0 Comments AlibabaAll content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account Last week, Ma gave his first lecture as a visiting professor to the University of Tokyo, according to a statement from the university. In April, the University of Hong Kong announced that Ma would join its business school for the next three years. Since then, Ma has shown up in public more frequently, with a more visible focus on researching and teaching. His return was a symbolic move and probably a “planned media event” by Beijing intended to appease private sector fears, according to analysts. He has reportedly spent more time overseas, including in Hong Kong and Japan, home to his friend and Alibaba investor, SoftBank CEO Masa Son.īut in March, he made a surprising public appearance in mainland China, days before Alibaba announced its major restructuring plan. Since then, Ma had largely disappeared from public view and retreated further from his companies. The cancellation marked the start of a regulatory onslaught against the country’s internet industry and the private sector, during which Beijing imposed a record fine of $2.8 billion on Alibaba Group for violating antitrust rules. It also operates the country’s biggest cloud computing and digital payment platforms.īut the company, along with its co-founder Ma, has been at the center of a sweeping crackdown by Beijing in recent years.Īfter Ma criticized Chinese financial regulators in a public speech in late 2020, Beijing called off the blockbuster IPO of Ant Group, the affiliate of Alibaba that owns Alipay, at the last minute. In 2019, he replaced Jack Ma as the executive chairman, as Ma retired on his birthday and the 20th anniversary of the company as he had promised.Īlibaba is China’s largest e-commerce company, boasting more than 900 million active users annually on its Taobao and Tmall platforms. Zhang was appointed by Alibaba as CEO in May 2015, eight years after he joined the company. CFOTO/Future Publishing/Getty Images/FILEĪlibaba's restructuring and Jack Ma's homecoming are all part of China's plan The Alibaba LOGO is seen on the wall of the Century Trade Building in Shanghai, China, March 9, 2023. “While our current transformation brings in a new corporate organizational and governance structure, Alibaba’s mission remains unchanged,” he said. Wu, also a co-founder of Alibaba, served as the technology director at the company’s inception in 1999. He added that the emergence of generative AI has opened up “exciting new opportunities” for the company’s cloud business. “This is the right time for me to make a transition, given the importance of Alibaba Cloud Intelligence Group as it progresses towards a full spin-off,” Zhang said in the announcement. Each unit is now overseen by its own CEO and board directors, and most of them can pursue separate listings or fundraisings. The company said in March that it was splitting into six separate units, including cloud, e-commerce, logistics, media and entertainment. And it comes just months after the company announced its biggest restructuring in 24 years. This is the second time Alibaba has undergone a major change in executive leadership in a few years after co-founder Jack Ma stepped away in 2019. Eddie Wu, chairman of e-commerce unit Taobao and Tmall Group, will succeed Zhang as chief executive officer.īoth appointments will take effect in September, and Zhang will continue to serve as the chairman and CEO of Alibaba’s cloud unit. (BABA), will succeed Zhang as chairman, the company said Tuesday. Joseph Tsai, executive vice chairman and a co-founder of Alibaba Alibaba is replacing Daniel Zhang as chairman and CEO as the Chinese tech giant undergoes the biggest shakeup in its history.
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