Alibaba Group (9988) is reportedly seeking to sell its gaming brand Lingxi Games for 7 billion yuan (HK$7.5 billion) to 9 billion yuan in a bid to bolster its cash flow, according to mainland media.
Sources suggest the tech giant has already approached at least five potential buyers, including Hong Kong-listed China Ruyi (0136), A-share listed firms 37 Interactive Entertainment, Century Huatong and Giant Network, as well as two private equity groups pursuing a joint acquisition.
The gaming unit, which reportedly employs around 1,200 staff, is best known for its mobile strategy title Three Kingdoms Tactics that boasts over 100 million global users. Its portfolio also includes other popular titles such as Three Kingdoms Fantasy Land and Ashes of the Kingdom.
