One Reason Alibaba (BABA) Stock Is Rising Today
NEW YORK (TheStreet) -- Shares of Alibaba Group Holding (BABA) - Get Report is rising, up 0.49% to $81.98 in early market trading Wednesday, after the Chinese e-commerce giant acquired TV program producer Beijing Enlight Media for about $382.67 million, Reuters reports.
Alibaba has already invested more than $3.1 billion in the entertainment industry as the company expands its reach into film and entertainment content.
In yesterday's trading session, Alibaba saw its shares decline after the Taiwanese government accused the company of violating investment rules. The Taiwan Investment Commission fined the company $3,800 and ordered the Chinese retailer to withdraw operations, the Wall Street Journal reported.
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Taiwan is accusing Alibaba of entering the country illegally. The Commission says Alibaba's filings for its initial public offering last year, revealed evidence of Chinese control over its Singapore unit.
Alibaba is a China-based online and mobile commerce company in retail and wholesale trade, as well as cloud computing and other services.