Chinese leaders asks Alibaba to divest media assets

chinese leaders asks alibaba to divest media assets

Sumary of Chinese leaders asks Alibaba to divest media assets:

  • Beijing has asked Chinese e-commerce titan Alibaba to divest its assets in the media sector out of concern over the company’s growing public influence, The Wall Street Journal reported Monday..
  • Its founder Jack Ma, the ebullient and unconventional billionaire who officially retired from Alibaba in 2019 but remains a large shareholder, has been in authorities’ crosshairs in recent months..
  • In November, Chinese regulators halted a colossal 34 billion dollar IPO by Ant Group, an Alibaba subsidiary for online payments..
  • The following month, regulators opened an investigation into Alibaba business practices deemed anti-competitive..
  • Now authorities are asking the tech giant to drastically reduce its presence in the media sector, the Journal said, citing people familiar with the matter….

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