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Alibaba eyes full Cloud spinoff and IPOs for Cainiao, Freshippo

China tech giant's January-March revenue misses analyst bets with 2% growth

Alibaba Group Holding's revenue grew 2% on the year in the first quarter of 2023, falling short of analysts estimates.    © Getty Images

HONG KONG -- Alibaba Group Holding targets a full spinoff of its cloud services arm within 12 months to advance the planned restructuring of the Chinese tech giant into six main business groups and eventually pursue public listings for five of them.

The Cloud Intelligence Group is largely independent and has features that differ from those of Alibaba's consumer-facing businesses, factors that support the full spinoff. The move also is intended to attract strategic investors who can boost the cloud business in the market, Alibaba CEO Daniel Zhang said Thursday.

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