Alibaba's 1688, Xianyu, Nail and Quark will operate as independent subsidiaries in the future.

CTOnews.com, November 16, in a conference call with financial analysts tonight, Wu Yongming, CEO of Alibaba Group, announced the first batch of strategic innovation businesses-- 1688, Xianyu, nails, quarks.

In the future, these strategic innovation businesses will operate as independent subsidiaries in the organization, and the business will break the previous positioning restrictions within the group. Ali will continue to invest in a cycle of 3-5 years.

CTOnews.com noted that Wu Yongming also identified the selection criteria for strategic innovation business for the first time: sufficient market space; unique market positioning; in line with the trend of user needs and the group's "AI-driven" strategy. " Successful technology companies must have the ability to cross the science and technology cycle, "Wu Yongming said. Facing the AI era, Ali will firmly devote itself to the scientific and technological revolution and product innovation, create incubating innovative business and technological products, and meet the new expectations and needs of the continuously expanding market for products and services.

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"Alibaba's revenue in the second quarter of fiscal 2024 was 224.79 billion yuan, an increase of 9 percent over the same period last year."