SHANGHAIHONG KONG, March 30 Reuters Alibaba Group said on Thursday it will look to monetise noncore assets and consider giving up control of some businesses, as the Chinese tech conglomerate reinvents itself after a regulatory crackdown that wiped 70 off its shares.

Group CEO Daniel Zhang said the company39;s breakup into separate businesses will allow its units to

His comments come two days after Alibaba announced the largest restructuring in the company39;s history, which will see it change into a holding company structure with six business units, each with their own boards and CEOs.

Alibaba will be more of the nature of an asset and capital operator than a business operator, in relation to the business group companies, Zhang told investors on a conference call on Thursday.

On the same call, Alibaba CFO Toby Xu said the group would continue to evaluate the strategic importance of these companies and decide whether or not to continue to retain control.

Alibaba39;s indication that it could divest from assets and sell control of business units after they go public comes more than two years after Beijing launched a sweeping crackdown on its tech giants, targeting monopolistic practices, data security protection and other issues.

While the new business units will have their own CEOs and boards, Alibaba will retain seats on those boards in the shortterm, Zhang added.

The group39;s Hong Konglisted shares opened 2.7 higher after the investor call and following a 12…