Alibaba Group CEO Daniel Zhang expressed confidence in the company's ability to "advance" in 2023. Zhang made this statement in an internal letter to employees on Thursday, referring to China's shift in its COVID-19 policy followed by a broad easing of measures.

Zhang was cited by Nikkei Asia as saying that Alibaba will strive to be a "good company" in order to support Beijing's efforts to "lead development, create jobs, and participate in international competition." Zhang also announced he would take on the role of acting president of Alibaba Cloud Intelligence.

This news comes after a period of turmoil for the company due to the Chinese government's crackdown on the tech sector. Alibaba's stock soared about 67.5%% since the record low seen at the end of October.