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阿里巴巴正在进行重大重组，分为6个业务部门，这是这个中国科技集团自24年前成立以来最大的一次调整。
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此前，阿里巴巴与监管机构发生冲突，取消了IPO，并且由于马云发表了攻击中国金融监管机构和银行的讲话，中国政府对大科技公司进行了打击。
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马云的首席执行官继任者丹尼尔-张希望重组能让投资者和北京的官僚满意，使大科技在北京看来更小。
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重组应该有助于释放价值，使投资者更容易评估各个业务部门的价值。
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这六个业务集团将致力于国内和国际电子商务、云计算、本地服务、数字媒体和物流。
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阿里巴巴将保留其中国电子商务部门的全部所有权，这是其最赚钱的部门。
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这次调整将使每个部门的首席执行官和董事会就位，一些 "巴巴宝宝 "可能会单独公开上市。
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吸引更多外部投资者的首批单位之一是物流集团凯诺。
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目前还不清楚张将在多大程度上拆分阿里巴巴，因为公司集团将通过控股公司的结构保留对六个部门的控制。
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阿里巴巴的物流部门菜鸟是该集团12月季度增长最快的业务线，销售额比去年同期增长27%，经营状况几乎达到收支平衡。
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阿里巴巴的云计算部门也正在从Covid-19的封锁中恢复过来。
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伯恩斯坦的Robin Zhu提醒说，这两个部门的任何IPO可能都还需要一些时间。
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阿里巴巴的其他部门，如本地服务、食品配送和国际商务，都在以负的利润率运营。
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阿里巴巴正在追随其电商竞争对手京东所走的道路，京东保留了控制权，同时将其物流、金融科技和医疗保健业务剥离出来。
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大多数投资者不认为京东的做法能释放出巨大价值。
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自从马云无意中启动了科技打击行动以来，中国反垄断监管机构一直在对阿里巴巴进行审查。
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阿里巴巴的高管们一直让官员们充分了解他们的重组计划，并找到了一个乐于接受和欢迎的对象。
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监管机构将鼓励该集团分拆出来的任何部门公开上市，包括最有可能吸引投资者关注的两个部门。
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马云本人本周回到中国，进行了一次罕见的公开访问，目的是在张推动最新的重组过程中对他表示支持。
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Alibaba is undergoing a major restructuring into 6 business units, the biggest shake-up of the Chinese tech group since its founding 24 years ago.
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This move follows a clash with regulators, the cancellation of its IPO, and a crackdown by Beijing on Big Tech due to a speech by Jack Ma attacking China’s financial watchdogs and banks.
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Daniel Zhang, Ma’s successor as CEO, hopes the restructuring will please both investors and Beijing bureaucrats by making Big Tech seem smaller to Beijing.
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The restructuring should help unlock value and make it easier for investors to assess the worth of individual business units.
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The six business groups will be dedicated to domestic and international ecommerce, cloud computing, local services, digital media, and logistics.
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Alibaba will retain full ownership of its Chinese ecommerce unit, which is its most profitable.
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The shake-up will put chief executives and boards in place for each unit, and some of the “baby Babas” may go for separate public listings.
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One of the first units to attract additional outside investors is Cainiao, a logistics group.
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It is unclear how far Zhang will go in splitting up Alibaba, as the corporate group will retain control of the six units via a holding company structure.
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Cainiao, Alibaba’s logistics arm, was the group’s fastest-growing business line in the December quarter, with sales up 27% from a year earlier and operating at nearly break-even.
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Alibaba’s cloud computing unit is also recovering from Covid-19 lockdowns.
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Robin Zhu of Bernstein cautions that any IPO for either unit is probably some way off.
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Other Alibaba units such as local services, food delivery and international commerce are operating at negative ebita margins.
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Alibaba is following the path taken by its ecommerce rival JD.com, which retained control while spinning out its logistics, fintech and healthcare businesses.
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Most investors don’t view what JD did as unlocking significant value.
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Chinese anti-trust regulators have been scrutinizing Alibaba since Ma inadvertently kicked off the tech crackdown.
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Alibaba executives have kept officials well informed of their restructuring plans and have found a receptive and welcoming audience.
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Regulators would encourage public offerings for any of the units spun out of the group, including the two most likely to attract investor attention.
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Ma himself returned to China this week for a rare public visit, intended as a show of support for Zhang as he pushes through the latest restructuring.