That was part of a historic restructuring plan that would break the behemoth into six main business groups. Alibaba also Thursday said it has put on hold the initial public offering plan of its grocery arm Freshippo, blaming weak market conditions. Falling stock prices, China's sputtering economic recovery and geopolitical tensions have largely turned away foreign investors from Chinese IPOs. New listings in Hong Kong, where many Chinese companies come to list, raised just about $4.6 billion this year, down 58% from the same period last year and far below 2021 levels, according to Dealogic.