According to Reuters, Alibaba Group said on Tuesday that it would split into six units and consider raising money or going public for the majority of them. This massive restructuring comes as China promises to soften a broad regulatory crackdown and boost its private enterprises.

Alibaba’s U.S.-listed shares increased up to 8% following the information. According to Reuters, the price of Alibaba has decreased by over 70% since the regulatory crackdown began in late 2020.

According to Reuters, The Chinese e-commerce conglomerate said that the biggest restructuring in its 24 year history would see it split into six units — Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group and Digital Media and Entertainment Group

The revamp of the conglomerate comes a day after its founder Jack Ma returned home after a year-long stay abroad and as Beijing looks to spur private sector growth after a two-year-long regulatory crackdown on its showpiece private enterprises, added Reuters.