BUSINESS Alibaba takes control of film group in $160 million share purchase

BUSINESS

Alibaba takes control of film group in $160 million share purchase

CGTN

19:43, December 10, 2018

Alibaba Group will raise its stakes in Hong Kong-listed Alibaba Pictures from the current 49 percent to 51 percent, the two companies said in a joint statement Monday.

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(File photo: VCG)

Alibaba Pictures will issue one billion new shares to Alibaba at 1.25 Hong Kong dollars, valuing the exchange at roughly 1.25 billion Hong Kong dollars (159.9 million US dollars), the e-commerce firm said.

"The proposed share purchase is a vote of confidence in Alibaba Pictures, and we will continue to invest resources," Alibaba chief Daniel Zhang said.

Alibaba Pictures, which listed in 2016, operates under Alibaba's Digital Media and Entertainment business.

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