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Alibaba was targeted by Chinese authorities in 2020 after company co-founder Jack Ma criticized China’s regulation. The billionaire then went into hiding and was spotted in China for the first time in years in the spring, a day before Alibaba announced its split into six business units. Each of them should explore the possibility of IPOs or other forms of raising capital, Alibaba should act as a holding company in the future. “The intent and fundamental purpose of this reform is to make our organization more flexible, shorten decision-making paths, and respond faster,” Zhang announced.