In March, the company announced plans to split back into six units while allowing all major e-commerce businesses to raise outside capital and go public.
In its earnings release on Thursday, Alibaba CEO Daniel Zhang said the company plans to fully spin off its cloud computing unit and complete an IPO within the next 12 months, allowing it to “expand its operations”.
The company said Alibaba’s board agreed to spin off the cloud computing unit and distribute dividends to shareholders.
Zhang also said Fresh Hebo, the group’s grocery arm, and Cainiao, the logistics arm, are “ready to go public.”
He also mentioned that Alibaba’s board had approved plans to start Fresh Hippo’s IPO process, and Cainiao’s offering would begin in 12 to 18 months.
Other units, such as Alibaba’s International Digital Trade Group, which operates Singapore-based e-commerce platform Lazada, will also raise capital overseas as it seeks to expand overseas. global scale.
Alibaba Group Holdings on Thursday reported a weaker-than-expected 2% increase in revenue for the March quarter, indicating a slowdown in spending in China since the lifting of COVID-19 restrictions amid slowing economic growth. economic growth.
The company reported revenue of 208.2 billion yuan ($29.6 billion) in the quarter ending March, offsetting its losses for the same quarter last year, in which it generated 23, 5 billion yuan (about $3.3 billion).
Revenue from its China business – Alibaba’s largest business unit by revenue – fell 3% from the same period last year. Revenue in the cloud computing unit also fell by 2%.
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