CHINA TOPIX

Alibaba Pictures to Acquire 80 Percent Stake in Hangzhou Xingji for $15 Million

Girish Shetti   |

Aug 25, 2016 01:01 PM EDT

Alibaba Pictures, the entertainment division of Chinese e-commerce giant Alibaba Group, would invest 100 million Yuan (US$15 million) to secure an 80 percent stake in Hangzhou Cinema Company. The move would help Alibaba Pictures to further expand its reach in China's lucrative entertainment market.