Alibaba has hurdles to overcome before its drastic restructuring pays off

Alibaba Group Holding Ltd.’s landmark overhaul—including a surprise CEO shakeup on Tuesday—is a chance for the group to unlock growth potential from all corners of its empire. The plan to split into multiple units with a parent holding company, akin to Google’s restructuring under Alphabet Inc., is underway, but the next chapter for the Chinese e-commerce giant won’t be smooth sailing—each of its business units has hurdles to clear.