Alibaba Sets Up Film Company In Hong Kong

Chinese e-commerce giant Alibaba Group Holdings has set up a film company in Hong Kong to further expand its presence in the entertainment and media industry, according to a regulatory filing.

Earlier this year, Alibaba said it would acquire a 60% stake of Hong Kong-listed Chinese television and film production firm ChinaVision Media Group for HK$6.24 billion ($804 million).

Alibaba has renamed ChinaVision Media to Alibaba Pictures Group as the Internet giant’s film subsidiary.

The move follows a deal in April, where a company owned by Alibaba founder Jack Ma and Alibaba co-founder Simon Xie said it would acquire 20% of Chinese digital TV firm Wasu Media for RMB6.54 billion ($1.05 billion).

In March, Alibaba and Yunfeng Capital, a private equity firm co-founded by Jack Ma, planned to take 18.5% Of Chinese video sharing site Youku Tudou for US$1.22 billion.

Analysts expect that Alibaba will create more digital content on its own in the future.

 

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