HONG KONG Aug 15 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)