finance.yahoo.com

Alibaba Agrees to Sell Game Unit for About $1.5B to Ling Xi

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Alibaba is selling its gaming unit, Ling Xi, in a deal reported by Bloomberg as worth at least about $1.5 billion, as the company focuses more on its AI strategy. An Asian private equity firm, Ling Xi, is expected to buy the shares. Alibaba shares rose around three-quarters of 1%, while Chinese stocks remain under year-to-date pressure such as PDD and Baidu.

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