(Reuters) -Alibaba Group Holding Ltd is planning to split its business into six main units covering e-commerce, media and the cloud, the company said on Tuesday, adding that each of the units will explore fundraising or initial public offerings.
U.S.-listed shares of Alibaba rose 3.5% in trading before the bell.
The six units will include Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group and Digital Media and Entertainment Group.
Each of the six will be managed by its own CEO and board of directors.
Daniel Zhang will continue to serve as chairman and CEO of Alibaba Group, which will follow a holding company management model, the company said in a statement.
Zhang will also serve as CEO of Cloud Intelligence Group, as previously announced.
(Reporting by Lavanya Ahire in Bengaluru; editing by Arun Koyyur and Jason Neely)
