SHANGHAI : An investment arm of Chinese e-commerce giant Alibaba Group Holding Ltd, targeted in a regulatory crackdown, will divest its entire stake of 5.01per cent in broadcaster Mango Excellent Media Co Ltd, the media firm said.
One major target has been Alibaba, which faced a fine of US$2.75 billion over anti-competitive practices. Since then, shares of Mango Excellent Media have fallen roughly 40per cent. The firm, based in China's western province of Hunan, produces Internet and television content besides running a shopping division.Alibaba's stock price has fallen by nearly half since last October, when authorities abruptly halted plans for its financial affiliate, Ant Group, to go public.
Mango Excellent Media Co Ltd
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