Under the new arrangement, each of the six newly established units will be managed by its own CEO and board of directors. A key exception to the restructuring is Taobao Tmall Commerce Group -- the operator of one of China's top online purchasing platforms -- which will remain wholly owned by Alibaba Group. Zhang will remain in his post as CEO of the company, although day-to-day operations of the individual business units will be ceded to the new management bodies. The company said the new structure would bring greater market visibility to the value of its diverse business operations. These changes will not affect Alibaba shares currently listed in New York and Hong Kong, the firm said. Aiming for a more "nimble structure", the reorganisation will also involve cuts to the firm's middle and back office functions. Recent years have seen the internet giant face unprecedented headwinds as Beijing has imposed tighter restrictions on the domestic tech industry.