The resignation has added new layer of uncertainty to China’s largest e-commerce company just as it is navigating a complicated breakup.
Alibaba Group Holding Ltd’s former chief Daniel Zhang has decided to quit just months after agreeing to lead its cloud division, introducing another layer of uncertainty to China’s largest e-commerce company just as it’s navigating a complicated breakup.
Tsai and Wu are taking over from Zhang just as the Hangzhou-based company navigates a complicated overhaul that will break the Chinese internet leader into several standalone companies in sectors from cloud services to logistics and online shopping. The pair now shoulder the responsibility for turning around a $230 billion corporation that’s struggled to regain its footing since Beijing’s regulatory assault against the internet sector in 2021.
His exit coincides with signs the company’s overhaul is proceeding less smoothly than expected. Alibaba is putting a Hong Kong initial public offering of its Freshippo grocery chain on hold for now because it couldn’t get the valuation sought, Bloomberg News reported. The cloud division Zhang oversaw is separately seeking to raise as much as 20 billion yuan , including from Chinese state enterprises, ahead of its own debut.
His successors are business heavyweights credited with overseeing the technology and strategy that underpinned China’s erstwhile most valuable corporation, co-founded by Ma, Tsai and Wu in 1999 at the dawn of China’s internet industry. But around 2020, Alibaba found itself at the heart of Xi Jinping’s tech crackdown on the nation’s most powerful private firms, which obliterated growth across swaths of the industry and nixed once-aggressive expansion plans.
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