Alibaba seeks sale of Lingxi Games for $1.03 billion

Alibaba Group plans to sell its gaming unit Lingxi Games, marketing the business at between $1.03 billion and $1.33 billion. The company has approached at least five potential buyers, including 37 Interactive Entertainment, China Ruyi, Century Huatong, Giant Network, and two private equity firms. The sale aims to optimize Alibaba's asset portfolio and raise cash.