Alibaba will split its company into six business groups, each with the ability to raise outside funding and go public, in the most significant reorganization in the global e-commerce giant’s history. Each business group will be managed by its own CEO and board of directors.

Alibaba said in a statement that the move is “designed to unlock shareholder value and foster market competitiveness.”

Alibaba’s shares popped more than 9% in pre-market trade in the U.S.

The move comes after a tough couple of years for Alibaba which has faced slowing economic growth at home and tougher regulation from Beijing, resulting in billions being wiped off its share price. Alibaba has struggled with growth over the past few quarters.

Alibaba is now looking to reinvigorate growth with the reorganization.

The business groups will revolve around its strategic priorities. These are the groups:

Cloud Intelligence Group: Alibaba CEO Daniel Zhang will be head of this business which will house the company’s cloud and artificial intelligence activities.

Taobao Tmall Commerce Group: This will cover the company’s online shopping platforms including Taobao and Tmall.

Local Services Group: Yu Yongfu will be CEO and the business will cover Alibaba’s food delivery service Ele.me as well as its mapping.

Cainiao Smart Logistics: Wan Lin will continue as CEO of this business which houses Alibaba’s logistics service.

Global Digital Commerce Group: Jiang Fan will serve as CEO. This unit includes Alibaba’s international e-commerce businesses including AliExpress and Lazada.

Digital Media and Entertainment Group: Fan Luyuan will be CEO of the unit which includes Alibaba’s streaming and movie business.

Each of these units can pursue independent fundraising and a public listing when they’re ready, Zhang said.

The exception is the Taobao Tmall Commerce Group, which will remain wholly-owned by Alibaba.

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