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Alibaba to split into 6 companies, pursue IPOs in major shakeup

Announcement comes day after founder Jack Ma spotted in China

The logo of Alibaba Group is seen at its office in Beijing
Alibaba announced on March 28 it will split up into six separate businesses.   © Reuters

HONG KONG -- Chinese e-commerce group Alibaba Group Holding will reorganize into six business groups and pursue public listings for five of them, in the most significant governance overhaul since the company was established 24 years ago.

The company announced the move on Tuesday, a day after founder Jack Ma's surprise return to China following a lengthy stint abroad. The six business groups will focus on sectors such as cloud computing, e-commerce and logistics.

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