Alibaba looks to shore up growth for its core e-commerce business.
The newly-formed department will be considered the cradle of “new growth engines.”
Alibaba restructures business structure two months after Tencent.
The Alibaba restructuring involved fintech affiliate Ant Financial, online travel platform Fliggy, retail, and entertainment units.
The two recently invested companies are listed on Beijing’s NEEQ, home to many emerging internet and tech stocks.
Meituan has battled with Alibaba in its core food delivery business for years, following their short-lived friendship.
Alibaba’s stock has dropped 30% from a record high just a few months ago.
Guo Jinyi, co-founder and senior vice president at Luckin, responded to the Alibaba-Starbucks deal by saying that traditional retail, even with the increased takeaway and mobile payments, is not necessarily new retail since the fundamental business model had not changed.