Alibaba discovers possible accounting irregularities in recent acquisition as it gears up for bumper IPO
Chinese online retailer giant the Alibaba Group, which has been tipped to raise as much as $20bn in a New York IPO, has announced that it has it discovered suspicious accounting at one of its acquisitions.
Alibaba has been on an acquisition drive this year and it is one of its recent purchases, a Hong Kong film company that it bought for about $800m two months ago, that is now facing scrutiny.
Alibaba Picture Group Ltd said on Friday that it had found possible “non-compliant treatment of financial information”.
The New York Times said one of the main questions will be Read full story ›
Source: The Drum
