Chinese authorities have put forward a demand for Alibaba Group
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The company should get rid of media assets, in particular, from its stakes in Weibo and Bilibili, the authorities demanded.
Chinese authorities require Alibaba Group to present a plan to significantly reduce media assets. About it informs The Wall Street Journal on Tuesday, March 16.
Alibaba currently owns stakes in Weibo and Bilibili, as well as the South China Morning Post. The combined value of Alibaba shares in public companies is more than $ 8 billion. Alibaba’s share in Weibo is estimated at $ 3.5 billion, and in the Bilibili video platform at $ 2.6 billion. Analysts say Alibaba’s media assets pose serious problems for the Chinese Communist Party and its powerful propaganda apparatus.
In turn, Alibaba declined to comment on the sale of media assets and added that they “passively” invest in media – solely to help companies and cooperate with them in the commercial field.
“We have not interfered with or do not interfere with media activities or editorial decisions,” stressed Alibaba.
Recall that China intends to impose record fine on Alibaba… The fine will allow Alibaba to “bombard the problem with money” and finally move on, the WSJ said.
It was also reported that the struggle between the Chinese authorities and the founder of Alibaba hit the country’s economy… China’s move towards global technology leadership is in jeopardy as entrepreneurs fear “attention” from the government.
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