Chinese government-backed firm weighing up offer to buy SCMP from Alibaba- Bloomberg

A Chinese government-owned company is weighing out an offer to buy Hong Kong's English-language newspaper South China Morning Post (SCMP) from Alibaba Group Holding, Bloomberg News reported https://www.bloomberg.com/news/articles/2021-11-05/chinese-state-firm-weighs-bid-to-take-over-scmp-from-alibaba?srnd=technology-vp&sref=2h1zKciy on Friday, citing people familiar with the matter.

A Chinese government-owned company is weighing out an offer to buy Hong Kong's English-language newspaper South China Morning Post (SCMP) from Alibaba Group Holding, Bloomberg News reported https://www.bloomberg.com/news/articles/2021-11-05/chinese-state-firm-weighs-bid-to-take-over-scmp-from-alibaba?srnd=technology-vp&sref=2h1zKciy on Friday, citing people familiar with the matter. Bauhinia Culture (Hong Kong) Holdings Ltd is interested in a deal that could bring the 118-year-old newspaper under its stable of media properties, the report said.

Other state-backed entities could also look to submit offers for SCMP, the report said, adding that a deal may not happen. When Alibaba agreed to buy SCMP in 2015, it was considered the Chinese e-commerce giant's most politically sensitive acquisition because despite higher influence of Chinese-language dailies, changes in the editorial leaning of the SCMP are seen as a measure for press freedom under Chinese rule. Alibaba, whose founder Jack Ma had come under fire for criticizing china's financial watchdogs last year, has been under pressure from the Chinese government to divest some of its media assets, including SCMP, Bloomberg News reported in March.

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