3/28, 8:05 PM (Source: TeleTrader)
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Alibaba jumps 14% after structural overhaul news

Alibaba Group Holding's stock listed in the United States surged nearly 14% on Tuesday following the announcement that the Chinese e-commerce giant will engage in a massive restructuring of its business, dividing its empire into six separate units.

According to the statement, all independently-run divisions will have a chief executive officer and board of directors, with the ability to seek fundraising and a public listing when it is considered appropriate. The business explained in a statement that the choice was taken to "unlock shareholder value and foster market competitiveness."

The company's shares surged 14.20% to sell at $98.33 per share at 2:03 pm ET.

Baha Breaking News (BBN) / AB