Alibaba splits into six, plans new IPOs in historic overhaul

Alibaba Group Holding Ltd. plans to split its $220 billion empire into six units that will individually raise funds and explore initial public offerings, the biggest overhaul of China’s e-commerce leader since its inception more than two decades ago.

The move frees the Chinese company’s main divisions from e-commerce and media to the cloud to operate with far more autonomy, laying the groundwork for future spinoffs and market debuts. Shares climbed 8% in premarket trading in New York.