Alibaba Pursues Sale of Lingxi Games for $1.5 Billion
Prefer us on GoogleAlibaba is in the process of selling its gaming subsidiary, Lingxi Games, with the transaction size being discussed at a minimum of $1.5 billion. Lingxi Games is likely to be sold to Trusda Capital, and the sale is expected to include around 1,200 employees, five studios, and the 9game platform. This sale rumor has been ongoing since June, when Alibaba was reported to be considering the sale of Lingxi Games, with a price range estimated between 7 billion to 9 billion yuan, or approximately $1.03 billion to $1.33 billion. Alibaba has reportedly been in contact with 37 Interactive Entertainment, Century Huatong, Giant Network, and China Rui. Lingxi Games represents Alibaba's gaming business and is known for titles such as "Romance of the Three Kingdoms: Strategy Edition." Recently, Alibaba has been focusing on cloud and AI, with AI-related products accounting for 30% of external sales. The sale rumor is interpreted as a trend indicating that Alibaba is shifting its focus from gaming to cloud and AI investments. Industry insiders suggest that even though Lingxi Games is a profitable asset, its strategic priority within the Alibaba Group has diminished.
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