Alibaba Group Holding Ltd (9988.HK) and Chinese state-backed firms are exploring bids for a stake in Unisplendour Corp (000938.SZ), a cloud computing infrastructure firm, that could fetch as much as $7.7 billion, people familiar with the matter said.
, a cloud computing infrastructure firm, that could fetch as much as $7.7 billion, people familiar with the matter said.
Potential suitors include Wuxi Industry Development Group, a firm owned by the government of the eastern Chinese city of Wuxi, Beijing government-owned Beijing Electronics Holdings and state-backed semiconductor investment fund JAC Capital, said the people. They were not authorised to speak on the matter and declined to be identified.
A successful transaction for the e-commerce giant would be the first since Chinese regulators began to clamp down on the tech sector, beginning with the scuppering of affiliate Ant Financial's mega listing late last year. Alibaba itself was hit with a record $2.8 billion fine in April for antimonopoly violations.The Unisplendour stake is likely to be valued at between 40 billion yuan and 50 billion yuan , said two of the people.
"Tsinghua Unigroup will make an overall arrangement for bringing in strategic investors if it enters a judicial restructuring," it added.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Vince Gilligan Inks New Four-Year Overall Deal With Sony Pictures TelevisionEXCLUSIVE: One of the longest ongoing creative partnerships between a showrunner and a studio is set to continue. Vince Gilligan, creator of the blockbuster Breaking Bad franchise, which has spawne…
Read more »
Phoebe Philo Is Launching Her Own Fashion HousePhoebe Philo is returning to fashion with an independent, namesake house — and with LVMH Moët Hennessy Louis Vuitton as a minority investor.
Read more »
Biden's competition order ramps up tech antitrust tensionsWith a new executive order on competition, President Biden is taking on the tech giants, with or without Congress behind him
Read more »
Death Stranding Gets the “Director’s Cut” Treatment, Coming to PS5 This FallDeath Stranding joins the collection of PlayStation games getting its own director's cut
Read more »
Super Mario 64 Cartridge Sells for $1.56 Million at AuctionA rare copy of Super Mario 64 just sold for a record breaking $1.56 million.
Read more »