On September 11, Alibaba Group issued a voluntary announcement on the Hong Kong Stock Exchange, announcing that the management transition has been successfully completed as planned, and the spin-off plan of Alibaba Cloud Intelligence Group will continue to be implemented. On September 10, Tsai Chongxin took over as chairman of the board of directors of Alibaba Group as scheduled, and Wu Yongming took over as CEO and director. At the same time, Wu Yongming succeeded Zhang Yong and served as acting chairman and CEO of Alibaba Cloud Intelligence Group from the 10th.
At this point, Alibaba has become the first Internet technology company in China to complete the construction of its inheritance system through two rounds of management handovers.
On May 18, Alibaba Group announced that its board of directors approved the complete spin-off of Cloud Intelligence Group and exploration of independent listing. Completion of the proposed spin-off is subject to a number of factors, including the successful reorganization of assets, liabilities and contracts, implementation of equity incentive plans, market conditions and regulatory approvals in relevant jurisdictions. If the above arrangements, conditions and approvals go smoothly, the goal is to complete the spin-off listing plan in the next 12 months.