Hangzhou-based Alibaba is focusing on Internet of Things and e-commerce in the setup of an umbrella group within the Chinese tech behemoth being called "Five-New".

According to a report from China Money Network, the unveiling today of Alibaba's "Five-New" Committee comes direct from an event held at the company's headquarters to celebrate entrepreneurship in China. Alibaba's 2017 Global Entrepreneur Summit brought together hundreds of top technology leaders in Hangzhou this week.

The "Five-New" Executive Committee will lead the execution of a new strategy under the same name initially announced by company founder Jack Ma. The strategy is initiated in response to a future envisioned by Ma that will be defined by five new trends, namely new retail, new manufacturing, new finance, new technology and new energy.

The committee, named Wu Xin in Chinese, has short-term, mid-term and long-term objectives, Ma wrote in the internal letter without detailing those goals. The committee will not change any existing reporting lines and will only serve as a coordination body.