Alibaba is restructuring its culture and entertainment business amid reports of an upcoming Hong Kong IPO.
Alibaba’s UC web browser, its online reading platform Alibaba Literature, and music app Xiami will be moved out of its existing culture and entertainment unit into a new unit led by Zhu Shunyan, currently the head of UC, the company announced Monday.
Alibaba is currently listed in New York but is reportedly planning a second listing in Hong Kong.
Video platform Youku, film company Alibaba Pictures, and ticket-booking platform Damai will remain in Alibaba’s greater culture and entertainment unit, alongside the company’s gaming projects, under existing director Fan Luyuan.
Alibaba will also spin fresh food retail business Hema off as an independent business unit, according to the announcement, which said the restructuring was aimed at increasing the “prosperity of Alibaba’s digital economy.”
Contact reporter Zhao Runhua (email@example.com)