Either a Berkshire-like model or just clever corporate engineering
As an antitrust lawyer, I would have to correct you on the supposed upside from spinning off the different business units from an antitrust perspective.
So long as the holding company continues to have control (decisive influence) over each of the divested business units, they will all be considered part of a single economic 'undertaking'. As a result, the operating companies' presence on various markets would continue to be viewed from a group perspective. E.g. on a market for 'China and SE Asia e-commerce' the market shares of China Commerce and International Commerce would be viewed in aggregate.
Fines are also calculated on the same basis. If any opco of Alibaba is found to have committed an antitrust infringement, the ultimate fine will be calculated as a % of Alibaba group revenue.
Otherwise, thanks for the article!
Great stuff. Thanks!