Alibaba Sells Lingxi Interactive Entertainment, Valuation at Least $1.5 Billion
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Alibaba has reached an agreement to sell its gaming business, Lingxi Interactive Entertainment, to Asian private equity firm Trustar Capital, with the transaction valued at least $1.5 billion. Lingxi's CEO, Zhou Bingshu, stated that this move aims to allow Alibaba to better focus on its strategic priorities. Alibaba is accelerating its strategic transformation towards AI and cloud computing, with a goal of achieving $100 billion in AI revenue within five years. This month, Alibaba released its largest AI model to date, claiming performance comparable to Anthropic. This sale is the latest initiative by Alibaba to divest non-core assets and focus on its AI strategy.
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