Alibaba Group CEO Takes Over Core E-Commerce Business in Restructuring Move\n\nAlibaba Group Holding Ltd. Has announced a major restructuring move, with Chief Executive Officer Eddie Wu taking over the company’s core e-commerce business. This comes as part of the company’s efforts to improve return on capital and focus on its core businesses.\n\nWu, who has been Group CEO since September, will now also lead the domestic e-commerce arm Taobao and Tmall Group, as well as the company’s cloud business. This move consolidates his direct control over the group’s most important business divisions.\n\nThe company’s Hong Kong-listed shares rose by 4% following the announcement. Trudy Dai, the previous Taobao and Tmall Group CEO, will shift roles to assist in the establishment of a new asset management company. \n\nAlibaba Group’s co-founders and long-time lieutenants of former chief Jack Ma, Wu, Dai, and Joseph Tsai, have all been involved in this restructuring move. Wu recently briefed analysts about the company’s future strategy, emphasizing the importance of focusing on core businesses and enhancing user experience.\n\nIn a statement, Alibaba confirmed plans to set up a new asset management company and Dai’s involvement in the process. The company has not received any legal documents from Tokyo-based patent rights company BWB incorporated, which has sued Alibaba in three countries for allegedly violating its patents on cross-border e-commerce.\n\nBWB is seeking court injunctions or damages against Alibaba, claiming that the company has infringed on its customs-clearance and logistics patents.