Alibaba's restructuring and Jack Ma's return to China: Part of Beijing's plan to control Big Tech

According to a CNN report, the restructuring of Alibaba Group has caused a surge in shares of the conglomerate in both New York and Hong Kong. Investors are betting on the return of regulatory support for China’s tech industry and private businesses after more than two years of a brutal crackdown. The overhaul, in which the internet conglomerate will split its business into six separate units, is a sign that Beijing’s campaign against Big Tech hasn’t fundamentally changed. Regulators still intend to reduce the monopolistic nature of tech giants and limit their power, even as they urge private companies to create jobs and boost the economy.

The news of the restructuring came shortly after the return of co-founder Jack Ma to mainland China, leading some to speculate that Alibaba’s breakup has been orchestrated by Beijing. The sudden reappearance of Ma seems like a planned media event intended to boost market sentiment at a critical moment. The media event worked, with shares in Alibaba soaring 12 per cent in Hong Kong and 14 per cent on Wall Street overnight.

Alibaba’s restructuring is seen as part of Beijing’s strategy to shore up confidence in the private sector. Chinese leader Xi Jinping recently urged the government to support private businesses while calling on entrepreneurs to play a role in boosting growth and tech innovation so that China can better counter containment and suppression from the West led by the United States. Premier Li Qiang, a trusted ally of Xi, rolled out a series of measures intended to repair ties between the government and the private sector.

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Beijing’s major concern is that private tech firms have become too big and powerful. During its years-long clampdowns, the government sought to reduce the monopolistic nature of many prominent tech companies. China still wants to control Big Tech but is just pulling different strings. Alibaba’s restructuring plan offers a way to limit monopoly power and platform sway and could serve as a model for other Chinese tech giants going forward.

Alibaba’s business will be split into six units: domestic e-commerce, international e-commerce, cloud computing, local services, logistics, and media and entertainment. The domestic e-commerce group, which includes Taobao and brings in most of the company’s money, will stay a wholly-owned unit. The other five will have their own CEOs and can pursue separate public listings.

Investors and analysts have welcomed Alibaba’s restructuring, believing it will lead to a reassessment of the company’s valuation. Some analysts predict that their target price for Alibaba’s US-listed stock will be nearly 60 per cent higher than Tuesday’s closing level.

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