Alibaba Reorganization Welcomed with Biggest Stocks Rally Since 2017

若离

若离

· 2021.12.07

Alibaba announced a more agile organizational structure with the newly formed International Digital Commerce led by Taobao and Tmall's former head Jiang Fan, and a new division China Digital Commerce combining all of domestic commerce businesses.

BEIJING, December 6 (TMTPOST)— Investors showed enthusiasm about Alibaba’s major leadership shakeup as the Chinese tech giant’s U.S.-listed shares posted their best daily performance for more than four years.

Source: Alibaba Group

The American depositary receipts (ADRs) of Alibaba jumped more than 10% and closed 10.4% higher on Monday, creating their largest daily gain since June 8, 2017. The Nasdaq Golden Dragon China Index, which tracks China-exposed firms listed in the United States, rose 3% and ended a six-session losing streak, after it plunged about 9% and made the biggest daily loss since 2008 on Friday as the U.S. Securities and Exchange Commission (SEC) said to adopt new rules which poses the delisting risk to Chinese firms.

In a letter to employees earlier Monday, Alibaba Group Chairman and CEO Daniel Zhang announced to upgrade organizational structure with a more agile one and shuffle the senior management to accelerate domestic and international growth. The company decided to establish a new division called International Digital Commerce that will bring together the overseas consumer-facing and wholesale businesses including AliExpress and international Core Business Unit (ICBU) as well as Lazada and other overseas units under the leadership of Jiang Fan, the former President of Taobao and Tmall who led these two leading consumer marketplaces in China to successful transform into a mobile-first commerce ecosystem with an innovative user experience over the past seven years.

Alibaba also appointed another veteran Trudy Dai to lead the new China Digital Commerce, which combines all of domestic commerce businesses such as Tmall, Taobao, the community marketplaces business Taocaicai, to foster more collaboration and synergy across business units. As a founding member, Dai has served president of Alibaba’s Industrial E-commerce, including Alibaba.com, 1688.com, AliExpress and Taobao Deals since January 2017 and became president of Taocaicai in the past March. Under her leadership, Taocaicai and Taobao Deals have seen exponential growth as the former’s annual active consumers (AAC) grew to more than 240 million in the third quarter and the latter’s gross merchandise volume (GMV) posted over 150% increase from the previous quarter.

As part of leadership succession planning, Alibaba said Toby Xu, the Deputy Chief Financial Officer, will succeed Maggie Wu as the company’s Chief Financial Officer, effective April 1, and Wu will remain his role as the partner and executive director on the board.

“As we continue to build a multi-engine approach to drive future growth, a ‘diversified business governance’ will become Alibaba’s new organizational strategy as we look towards the future,” wrote Zhang in his letter. “We want to explore new business governance approaches to drive more innovation and creativity across our teams and businesses.”

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