Chinese e-commerce giant Alibaba said Thursday its net profit plunged 49 percent to $463 million for the final quarter of its financial year ending March, hit by a share-based compensation expense.
The group also announced that its chief executive officer Jonathan Lu will be replaced by Daniel Zhang, currently the group`s chief operating officer, from Sunday. Lu will stay on the management board as vice chairman.
Alibaba completed the world`s biggest IPO with its listing on the New York Stock Exchange in September, but its stock price has since dropped sharply.