Alibaba gains stake in movie in­vest­ment firm

China Daily (USA) - - BUSINESS -

Alibaba Pic­tures Group is to take a strate­gic stake in film in­vest­ment com­pany Hehe Pic­tures. The value of the trans­ac­tion was not dis­closed, though Alibaba said that it will own a 30 per­cent stake and will be Hehe’s sec­ond-largest share­holder, be­hind its founder and gen­eral man­ager Yang Wei. Hehe Pic­tures, which also has such share­hold­ers as ac­tor Chen Kun, singer Yand Kun, and di­rec­tor Cao Baop­ing, has in­vested in movies in­clud­ing The Mer­maid, Chongqing Hot Pot, Skip­trace and Cock and Bull, which have grossed 4.8 bil­lion yuan ($695 mil­lion) at the box of­fice.

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