Alibaba Pictures To Acquire 30% Of Chinese Movie Investment Firm Hehe Pictures

Alibaba Pictures Group is to acquire a 30% stake in Chinese film investment company Hehe Pictures to become its second largest shareholder, the firm announced today.

The investment value was not disclosed.

"Hehe Picture has made innovative progress in movie investment and distribution," said Zhang Qiang, chief executive of Alibaba Pictures. "We hope to explore partnerships in movie production and distribution to help form a healthy film financial ecosystem in China."

The investment follows an aggressive year in which Plibaba Pictures agreed to buy a minority interest in American movie director Steven Spielberg's Amblin Partners and a stake in China's second largest cinema operator Dadi Cinema.

Alibaba Pictures also unveiled plans earlier this year to set up a RMB2 billion (US$300 million) investment fund to invest across the...

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