Shulou(Shulou.com)11/24 Report--

CTOnews.com Sept. 11, Alibaba Group issued a voluntary announcement on the Hong Kong Stock Exchange, announcing the completion of the leadership transition, with Mr. Tsai Chongxin taking over as chairman of the board of directors and Mr. Wu Yongming as chief executive officer and director of the company.

In addition, Alibaba announced that Mr. Wu Yongming will succeed Mr. Zhang Yong as acting Chairman and Chief Executive Officer of Aliyun Intelligent Group, with effect from September 10, 2023.

The company will continue to implement the previously announced plan to spin off Aliyun Intelligent Group and appoint a separate management team for it. The completion of the spin-off plan depends on a number of factors, including, but not limited to, the successful restructuring of assets, liabilities and contracts, the implementation of the equity incentive scheme, market conditions and regulatory approvals from relevant jurisdictions.

CTOnews.com previously reported that Zhang Yong issued a full letter on May 18, planning to completely spin off Cloud Intelligent Group from Ali Group and complete its listing in the next 12 months, forming a new company that is completely independent of Ali Group in terms of equity and corporate governance. At the same time, Aliyun Intelligence Group will introduce external strategic investors.

He said in the full letter that the split is for better development and is a new start for Aliyun's second venture in the future. In the future, Aliyun Intelligence Group can face the market completely independently, further strengthen its business strategy and optimize its organization and operations. "We have the opportunity to build a world-class technology company together."

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