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Alibaba Film Unit Says Found Possible Accounting Irregularities; Halts Shares

Ron Burgundy

By Ron Burgundy,
in Tech News

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Ron Burgundy

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An employee is seen behind a glass wall with the logo of Alibaba at the company's headquarters on the outskirts of Hangzhou, Zhejiang provinceBy Elzio Barreto HONG KONG (Reuters) - A media firm Alibaba Group Holding Ltd recently bought said on Friday a review of its finances revealed possible accounting irregularities, casting doubts on the Chinese e-commerce giant's due diligence as it prepares for a U.S. initial public offering. The announcement by Alibaba Pictures Group Ltd comes less than two months after Alibaba Group completed its $804 million purchase of a 60 percent stake in the film and TV production company once known as ChinaVision Media Group Ltd. The deal was among the $10 billion or so Alibaba Group and its affiliates have spent since the beginning of last year on acquisitions which ventured beyond its traditional e-commerce roots to fend off competition from rivals like Tencent Holdings Ltd, Baidu Inc and JD.com.




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