#Asia Alibaba allegedly buying SCMP


Jack Ma is rumored to sign papers confirming Alibaba’s pending stake in South China Morning Post

Image Credit: Alibaba

Image Credit: Alibaba

Following rumors earlier this month that Alibaba was investing in the SCMP Group (first theorized by China Daily), Bloomberg now reports that “discussions are at an advanced stage,” and that “a signing ceremony will be announced soon.”

Speculation surfaced after the e-commerce giant announced plans to buy out YoukuTudou.

SCMP Group operates in the newspaper, magazine and property sectors. Aside from South China Morning Post, the group’s Magazines Division publishes the Hong Kong editions of Cosmopolitan, Harper’s Bazaar. Its Ventures Division publishes HK Magazine, Elle and others.

 Also Read: SCMP Group tries on retail e-commerce with Hong Kong’s MyDress 

Since February 2013, trading of SCMP shares have been suspended after its float dropped below the 25 per cent minimum the exchange requires, meaning that minority shareholders cannot access shares. 

Wang Xiangwei, SCMP’s Editor-In-Chief has come under scrutiny before after allegedly downplaying certain stories involving mainland China. Association with China’s Alibaba may lead some to wonder if editorial quality will be influenced as well.

Also Read: [Updated] Alibaba officially launches US$129M Hong Kong Entrepreneurs Fund 

Image Credit: Alibaba 

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