Alibaba abandons its stake in Mango TV in China
The press release also said that Alibaba request a waiver of an agreement not to sell the shares for one year. The e-commerce giant bought them just nine months ago for 6.2 billion yuan ($ 960 million).
Based on the Mango Excellent share price on Friday, Alibaba has has already suffered a theoretical loss of about 2 billion yuan ($ 320 million) from the investment.
The statement provided no reason for Alibaba’s plans to leave Mango. Alibaba did not immediately respond to a request for comment.
Beijing is increasingly concerned about the influence that large private tech companies have over media, finance, data and other sensitive industries, and how entrenched they are in daily life in China thanks to the news. , digital payment applications and other services.
Alibaba also owns the South China Morning Post, Hong Kong’s leading English-language newspaper, which he bought in 2015.