Alibaba film unit finds possible past accounting irregularities
August 16, 2014, 12:02 am TWN
HONG KONG--The recently acquired film unit of Chinese e-commerce giant Alibaba said Friday that a review has uncovered possible accounting irregularities.
The disclosure by Alibaba Pictures Group comes as its parent company readies for what's expected to be a mammoth initial public offering in New York next month.
The company said the accounting irregularities date to before Alibaba's purchase of the company in June.
Alibaba has made a slew of other recent acquisitions, including the purchase of a 50-percent stake in China's most popular soccer team, Guangzhou Evergrande.