Alibaba to spin off cloud unit, take two others to IPO

Getty Images/Andriy Onufriyenko

Alibaba Group is making plans to carve out its cloud business unit and push two others to IPO, as it shifts up the gear on its organizational overhaul. 

The Chinese tech giant is aiming to spin off the cloud business within a year and will look to bring in external investors through private financing in the lead up. This new entity will become an independent publicly listed company, Alibaba said Thursday. 

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