{"id":22144,"date":"2014-08-15T20:54:34","date_gmt":"2014-08-15T12:54:34","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=22144"},"modified":"2025-01-30T10:27:16","modified_gmt":"2025-01-30T15:27:16","slug":"china-e-commerce-giant-alibabas-film-unit-investigating-suspected-accounting-problems","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2014\/08\/15\/china-e-commerce-giant-alibabas-film-unit-investigating-suspected-accounting-problems\/","title":{"rendered":"China e-commerce giant Alibaba’s film unit investigating suspected accounting problems"},"content":{"rendered":"

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HONG KONG\u2014The recently acquired film unit of Chinese e-commerce giant Alibaba said Friday that a review has uncovered possible accounting irregularities.<\/p>\n

The disclosure by Alibaba Pictures Group comes as its parent company readies for what\u2019s expected to be a mammoth initial public offering in New York next month.<\/p>\n

Alibaba Pictures said in a statement to the Hong Kong stock exchange that a new management team found \u201ccertain possibly non-compliant treatment of financial information\u201d in the company\u2019s accounts.<\/p>\n

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As a result, it is delaying the release of its first-half earnings.<\/p>\n

The company said the accounting irregularities date to before Alibaba\u2019s purchase of the company in June.<\/p>\n

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<\/p>\n

Alibaba has made a slew of other recent acquisitions, including the purchase of a 50 per cent stake in China\u2019s most popular soccer team, Guangzhou Evergrande.<\/p>\n

The film business said the discrepancies mean it\u2019s likely that there has been \u201cinsufficient provision for impairment of certain assets\u201d in the January-June period. That could mean the company has valued assets at more than they are worth.<\/p>\n

An audit committee is investigating whether it would affect the company\u2019s previous financial reports. Shares of Alibaba Pictures have been suspended from trading until further notice.<\/p>\n

Alibaba bought 60 per cent of the film company, previously known as ChinaVision Media Group, for more than $800 million as part of its push into online content. The film company said in July it has signed development deals with \u201cleading movie producers and directors\u201d including Wong Kar-wai, director of films including \u201cThe Grandmaster\u201d and \u201cIn The Mood for Love.\u201d<\/p>\n

While little known in the United States, Alibaba is an e-commerce powerhouse that earns more than Amazon.com Inc. and eBay Inc. combined.<\/p>\n

The company, whose IPO could top the $16 billion raised by Facebook two years ago, has helped drive the rise of e-commerce in China and is now expanding into other businesses amid intensifying competition among the country\u2019s Internet companies.<\/p>\n","protected":false},"excerpt":{"rendered":"

HONG KONG\u2014The recently acquired film unit of Chinese e-commerce giant Alibaba said Friday that a review has uncovered possible accounting …<\/p>\n","protected":false},"author":44,"featured_media":22145,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-22144","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","mauthors-kelvin-chan","mauthors-the-associated-press"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/22144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=22144"}],"version-history":[{"count":1,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/22144\/revisions"}],"predecessor-version":[{"id":287015,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/22144\/revisions\/287015"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/22145"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=22144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=22144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=22144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}