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China Tech Index Tumbles to Lowest Since Launch as Rout Deepens



Alibaba undergoes major management reshuffle

Alibaba is reassigning roles to four of its executives in one of the biggest reshuffles in its recent history, the company announced on Monday morning. Maggie Wu, the e-commerce titan’s former chief financial officer, will step down next April and be replaced by Toby Xu, current deputy CFO. Wu will continue to be a partner in Alibaba Partnership, an exclusive group of personnel with major influence on the company’s directions, and will remain as an executive director on the Alibaba board.

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