Alibaba Group to take controlling stake in Alibaba Pictures

Beijing, 10th December: China’s leading e-commerce company, Alibaba Group, announced the company will increase its stake in Alibaba Pictures from 49% to 50.92%, for HK$1.25 billion (US$160 million) giving the Group a controlling stake.

Under the terms of the agreement, Alibaba Pictures will issue one billion new shares to Alibaba Group at HK$1.25 per share. After the transaction, Alibaba Group will have majority control over Alibaba Pictures. The transaction is subject to customary closing conditions, including, among others requirements, approval of the transaction by the independent shareholders of Alibaba Pictures as well as the Hong Kong Stock Exchange.