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hot_img Alibaba confirms the sale of Lingxi Interactive Entertainment to Xincheng Capital, with management remaining stable

According to reports from Blue Whale Technology, Alibaba and CITIC have officially reached a transaction agreement, in which Alibaba will transfer its shares in Lingxi Interactive Entertainment, and Xincheng Capital will become the new shareholder. Xincheng Capital supports the existing team to operate stably under the leadership of the management team, which will remain stable and continue to develop alongside the company.Lingxi Interactive Entertainment is a gaming brand under Alibaba, and its gaming business can be traced back to the integration of the 9Game channel business after the acquisition of UC in 2014. In 2017, Alibaba fully acquired Guangzhou Jianyue for approximately 1 billion yuan, which later became the predecessor of Lingxi Interactive Entertainment. The self-developed game "Three Kingdoms Strategy Edition" became a top hit in the SLG category in 2019. Since 2023, Lingxi has undergone multiple adjustments, and in March 2024, founder Zhan Zhonghui stepped down as CEO, with producer Zhou Bingshu of "Three Kingdoms Strategy Edition" taking over.The new shareholder, Xincheng Capital, is a private equity investment business under CITIC Capital, which has completed over 100 investments since 2002, managing a total of 10.5 billion USD in funds. Lingxi Interactive Entertainment CEO Zhou Bingshu expressed gratitude in an internal letter, stating that Alibaba "nurtured and grew Lingxi," and that the new shareholder Xincheng Capital will "inject new momentum" into the company's development. The specific amount of the transaction has not yet been disclosed.
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