The list of Chinese tech unicorns, or start-ups with a valuation of US$1 billion or more, just got one more member.
Alibaba Pictures says its online ticket booking unit has raised RMB1.7 billion (US$260 million) in a series A round of funding led by CDH Investments, Ant Financial and Sina Corp, according to a disclosure filing.
Bona Film Group and several Chinese film companies also participated in the round, which values the unit at RMB13.7 billion (US$2 billion) post-money.
Alibaba Pictures is aggressively pushing its own online ticketing platform to compete with Tencent-backed Weiying Technology Co. Ltd., the operator of movie ticket booking mobile app Wepiao.
Wepiao just completed a RMB4.5 billion (US$694 million... This news article comes via , who is the copyright owner of this information and news. FintekAsia.com has licensed the rights to this article and any republication or re-distribution in whole or in part of this content is strictly prohibited without the express consent of China Money Network
