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China tech

Alibaba's sweeping overhaul triggers mass layoff fears

Shift from centralized structure seen as cutting influence of CEO Daniel Zhang

HONG KONG -- Alibaba Group Holding's plan to split into six business groups and launch separate public listings has triggered layoff fears at the Chinese e-commerce giant, sources told Nikkei Asia.

The sweeping overhaul announced Tuesday was embraced by investors who sent the company's Hong Kong-listed shares surging as much as 16% on Wednesday, before closing up 12.2% at 94.55 Hong Kong dollars ($12). The company's American depositary receipts soared 14.26% in New York overnight.

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