On December 19th, Alibaba Group CEO Wu Yongming will also serve as the CEO of Taotian Group, becoming the first group CEO to simultaneously serve as the CEO of two core businesses. It is reported that Wu Yongming has made a series of capital plans: Hema is already considering selling, Ele.me, or there will be new capital actions, while Youku is considering merging with Alibaba Pictures, but the premise is that it can maintain stable profitability.
In response to the above rumors, Ele.me and Hema respectively responded to First Financial that this is a false rumor. Alibaba Entertainment also responded that it is fake.
Alibaba announced today that Wu Yongming, CEO of Alibaba Group and Chairman of Taotian Group, will also serve as CEO of Taotian Group. Dai Shan, former CEO of Taotian Group, will assist in the establishment of Alibaba Group Asset Management Company, which is a new business function after Alibaba's transformation.
Alibaba Group Chairman Cai Chongxin stated that having Wu Yongming concurrently serve as the number one position for Alibaba Cloud and Taotian will help lead Taotian's transformation through technological innovation, and ensure the group's unified command and high-intensity continuous investment in the two strategic focuses of e-commerce and cloud.
In Alibaba's financial report for the second quarter of fiscal year 2024 (as of September 30), Alibaba stated that Hema's initial public offering plan is temporarily suspended and is evaluating market conditions and other factors necessary to ensure successful project implementation and enhance shareholder value.