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Alibaba film unit finds possible accounting issues
http://www.thenewstribune.com/2014/08/14/3331524/alibaba-film-unit-finds-possible.html?sp=/99/261/Alibaba film unit finds possible accounting issues
By KELVIN CHAN
AP Business Writer
August 14, 2014 Updated 8 minutes ago
HONG KONG — The recently acquired film unit of Chinese e-commerce giant Alibaba said Friday that a review has uncovered possible accounting irregularities.
The disclosure by Alibaba Pictures Group comes as its parent company readies for what's expected to be a mammoth initial public offering in New York next month.
Alibaba Pictures said in a statement to the Hong Kong stock exchange that a new management team found "certain possibly non-compliant treatment of financial information" in the company's accounts. As a result, it is delaying the release of its first-half earnings.
The company said the accounting irregularities date to before Alibaba's purchase of the company in June.
