China celebrated Lunar New Year last week as hundreds of millions of people travelled to their hometowns. While many had longed to see their separated loved ones, others dreaded the weeklong holiday as relatives awkwardly caught up with them with questions like: “Why are you not married? How much do you earn?” Luckily, there are […]
View More It isn’t just apps. China’s cinemas broke records during Lunar New YearCategory: Alibaba Pictures
Alibaba Group takes majority control of loss-making movie unit Alibaba Pictures with $160M share purchase
Alibaba Group announced today that it will increase its stake in Alibaba Pictures from 49% to 50.92%, making it the loss-making movie production company’s controlling shareholder. Under the agreement, Alibaba Pictures will issue one billion new shares, priced at HKD $1.25 each share for a total of HKD $1.25 billion (about $160 million), to Alibaba […]
View More Alibaba Group takes majority control of loss-making movie unit Alibaba Pictures with $160M share purchase