Crackdown-hit Alibaba to divest 5% stake in Chinese broadcaster – Netscape News

09/24/2021 5:19 SHANGHAI (Reuters) – An investment arm of Chinese e-commerce giant Alibaba Group Holding Ltd, targeted in a regulatory crackdown, will divest its entire stake of 5.01% in broadcaster Mango Excellent Media Co Ltd, the media firm said. The sale comes less than a year after the investment in December last year, as Chinese authorities mount an anti-trust crackdown on large tech companies. One major target has been Alibaba, which faced a fine of $2.75 billion over anti-competitive practices. In Thursday’s filing to the stock exchange, the media company said Alibaba’s investment arm would seek a waiver from a…