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June 24, 2017

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Alibaba film unit finds possible past accounting irregularities

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.

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