Crackdown-hit Alibaba to divest 5% stake in Chinese broadcaster
Information about Crackdown-hit Alibaba to divest 5% stake in Chinese broadcaster
SHANGHAI (Reuters) – An investment arm of Chinese e-commerce giant Alibaba Group Holding Ltd, targeted in a regulatory crackdown, will divest its entire stake of 5.01% in broadcaster Mango Excellent Media Co Ltd, the media firm said.
The sale comes less than a year after the investment in December last year, as Chinese authorities mount an anti-trust crackdown on large tech companies.
One major target has been Alibaba, which faced a fine of $2.75 billion over anti-competitive practices.
In Thursday’s filing to the stock exchange, the media company said Alibaba’s investment arm would seek a waiver from a one-year lockup to which it committed at the time of its investment.
Since then, shares of Mango Excellent Media have fallen roughly 40%. The firm, based in China’s western province of Hunan, …