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Large Medium SmallZhejiang Alibaba E-Commerce Co Ltd will be restructured into a new firm and 60 percent of its shares will be offered to strategic investors, according to a statement sent to China Daily on Tuesday.
The restructured company, to be known as Alibaba Small and Micro Financial Services Group, will hold Zhejiang Alibaba's 100 percent stake in the online payment system Alipay, as well as its shareholding in Alibaba's micro-finance unit, Zhongan Insurance, and Tianhong Asset Management Co.
The remaining 40 percent in the new company will be offered to nearly 24,000 employees at Alibaba Group and Zhejiang Alibaba, said Peng Lei, former chief executive of Alipay.
Alibaba has been providing a range of financial services to expand its e-commerce businesses. These include fund and insurance sales and small loan finance.
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