SHANGHAI (Reuters) – Alibaba said on Tuesday it would shelve plans to list its logistics arm, the latest twist in the Chinese e-commerce giant’s restructuring efforts since embarking on the biggest shake-up in its history a year ago.
Here’s a timeline of what has happened since Alibaba said it would break up into six business groups:
MARCH 28, 2023: Alibaba announces the biggest restructuring in its 24-year history, saying it will split into six units and explore fundraising or listings for most of them.
MAY 18, 2023: Alibaba says it will spin off and list its cloud unit within the next 12 months. It will seek external financing for Alibaba International Digital Commerce Business Group and list its grocery arm Freshippo.
In addition, its logistics unit Cainiao will explore an IPO in the next 12-18 months.
JUNE 20, 2023: Alibaba said then-CEO and chairman Daniel Zhang would step down to focus on the cloud division.
Eddie Yongming Wu, chairman of Alibaba’s Taobao and Tmall Group took over as CEO, while executive vice chairman Joseph Tsai took over as chairman.
SEPT 10, 2023: Zhang quits the cloud business in a surprise move and Wu takes over the unit.
SEPT 26, 2023: Alibaba submits application to list Cainiao Smart Logistics Network on the Hong Kong Stock Exchange.
NOV 16, 2023: Alibaba scraps plans to spin off its cloud business, citing uncertainties created by U.S. export curbs on chips used in artificial intelligence applications.
DEC 20, 2023: CEO Wu moves to directly oversee its domestic e-commerce arm, a core area for attention and investment as it fends off competition from low-priced rivals like PDD Holdings Pinduoduo.
FEB 8: Chairman Tsai tells analysts it “makes sense” to exit some of the traditional physical retail businesses on its balance sheet, “but it will take time due to challenging market conditions”.
MARCH 26: Alibaba shelves plans to list Cainiao, says it will buy the rest of the stock it does not own in the logistics unit for up to $3.75 billion.
(Reporting by Brenda Goh; Editing by Bernadette Baum)
Comments