24th June 2023 – Alibaba Group with $233 billion market capitalization has announced the Chairman & CEO succession plan (effective 10th September 2023), with co-founder Joseph Tsai (Joe Tsai) appointed as Chairman, co-founder Eddie Yongming Wu appointed as CEO (Existing Chairman of Taobao & Tmall Group), and Chairman & CEO of Alibaba Group Daniel Zhang to step down but to continue to lead Alibaba Cloud Intelligence Group as Chairman & CEO. Earlier in May 2023, Alibaba started splitting into 6 units, with immediate actions to spinoff Alibaba $12 billion cloud business, IPO for Freshippo grocery chain in 2023, IPO Cainiao Logistics in 12 to 18 months, and to raise capital for Alibaba international e-commerce division (including Southeast Asia Lazada).