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TIMELINE-Chinese e-commerce giant Alibaba's bumpy restructuring journey
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TIMELINE-Chinese e-commerce giant Alibaba's bumpy restructuring journey
Mar 26, 2024 5:41 AM

SHANGHAI, March 26 (Reuters) - Alibaba ( BABA ) said on

Tuesday it would shelve plans to list its logistics arm, the

latest twist in the Chinese e-commerce giant's restructuring

efforts since embarking on the biggest shake-up in its history a

year ago.

Here's a timeline of what has happened since Alibaba ( BABA ) said it

would break up into six business groups:

MARCH 28, 2023: Alibaba ( BABA ) announces the biggest restructuring

in its 24-year history, saying it will split into six units and

explore fundraising or listings for most of them.

MAY 18, 2023: Alibaba ( BABA ) says it will spin off and list its

cloud unit within the next 12 months. It will seek external

financing for Alibaba International Digital Commerce Business

Group and list its grocery arm Freshippo.

In addition, its logistics unit Cainiao will explore an IPO

in the next 12-18 months.

JUNE 20, 2023: Alibaba ( BABA ) said then-CEO and chairman Daniel

Zhang would step down to focus on the cloud division.

Eddie Yongming Wu, chairman of Alibaba's ( BABA ) Taobao and Tmall

Group took over as CEO, while executive vice chairman Joseph

Tsai took over as chairman.

SEPT 10, 2023: Zhang quits the cloud business in a surprise

move and Wu takes over the unit.

SEPT 26, 2023: Alibaba ( BABA ) submits application to list Cainiao

Smart Logistics Network on the Hong Kong Stock Exchange.

NOV 16, 2023: Alibaba ( BABA ) scraps plans to spin off its cloud

business, citing uncertainties created by U.S. export curbs on

chips used in artificial intelligence applications.

DEC 20, 2023: CEO Wu moves to directly oversee its domestic

e-commerce arm, a core area for attention and investment as it

fends off competition from low-priced rivals like PDD Holdings

Pinduoduo.

FEB 8: Chairman Tsai tells analysts it "makes sense" to exit

some of the traditional physical retail businesses on its

balance sheet, "but it will take time due to challenging market

conditions".

MARCH 26: Alibaba ( BABA ) shelves plans to list Cainiao, says it

will buy the rest of the stock it does not own in the logistics

unit for up to $3.75 billion.

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