Alibaba Group Holding Ltd.’s landmark overhaul—including a surprise CEO shakeup on Tuesday—is a chance for the group to unlock growth potential from all corners of its empire. The plan to split into multiple units with a parent holding company, akin to Google’s restructuring under Alphabet Inc., is underway, but the next chapter for the Chinese e-commerce giant won’t be smooth sailing—each of its business units has hurdles to clear.
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