Alibaba overhauls e-commerce as shares plunge

Alibaba shares tumbled to a record low on Monday (December 6), down 5.6% on the day.

That after the Chinese giant said it would reorganise its international and domestic e-commerce businesses.

The company will also replace its chief financial officer.

It all comes after a tough year when Alibaba faced mounting competition, slowing demand and a crackdown by regulators.

Now the firm says it will form two new units - an international digital commerce section and one for China digital commerce.

The aim is to become more agile and accelerate growth.

It is also in line with Alibaba's goal to make 'globalisation' a key focus.

The company also announced that deputy chief financial officer Toby Xu would take over from Maggie Wu as CFO in April.

Alibaba cut its forecast for annual revenue growth last month to the slowest pace since its 2014 stock market debut.

In November, sales at its annual online shopping festival Singles Day grew at their slowest rate ever.

Chinese regulators have also cracked down on the tech sector and targeted alleged monopolistic behaviour.

Alibaba was investigated for anti-trust issues and fined a record $2.8 billion in April for abusing its dominant market position.

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