Alibaba film unit says found possible non-compliant accounting
HONG KONG Aug 15 (Reuters) - Alibaba Pictures, a recently formed film and TV production unit of Alibaba Group IPO-BABA.N, said it had found possible non-compliant accounting and had requested that trading of its Hong Kong-listed shares be suspended.
On June 24, Alibaba Group completed its $804 million purchase of a 60 percent stake in ChinaVision Media Group Ltd, which has been renamed Alibaba Pictures Group Ltd.
Alibaba Pictures said on Friday that it had found possible "non-compliant treatment of financial information" from periods prior to the deal as its new management undertook a review of the company's financial and business matters.
"The company is not yet in a position to comment on the potential impact on its current and historical financial affairs of the matters described above," Alibaba Pictures said.
Shares of Alibaba Pictures last traded at HK$1.61 before they were halted on Friday.
The stock has more than doubled since late February, prior to the announcement of Alibaba Group's investment.
Alibaba Group is preparing what could be the biggest-ever listing by a technology company in the United States. (Reporting by Elzio Barreto; Editing by Ryan Woo)
- Exclusive: Angry with Washington, 1 in 4 Americans open to secession
- Scots spurn independence in historic vote, nationalist leader resigns |
- Eight bodies found after attack on Guinea Ebola education team
- Special Report: Scotland stays in UK, but Britain faces change
- Alibaba shares surge 46 percent in their debut |