Alibaba Pictures raises $1.6 billion from share sale for media acquisitions

MUMBAI: Alibaba Pictures Group, the film unit of the Chinese e-commerce giant, is selling up to $1.6 billion (HK$12.18 billion) in shares to raise capital.


The money raised will be used to fund potential acquisitions in the media industry in the future and also as general working capital. However, the company, which is looking at expanding in the Chinese film market, has not yet identified any specific acquisition targets.


In a statement to the Hong Kong stock exchange, Alibaba Pictures said that it would place 4.2 billion shares at HK$2.90 each, which is a 20 per cent discount to the stock’s last traded price of HK$3.62 at Monday’s close, and about 13 per cent below the average closing price over the prior five sessions.


The placement represent approximately 19.96 per cent of the total existing issued share capital of the company and approximately 16.64 per cent of the total issued share capital of the company as enlarged by the allotment and issue of the placing shares.

Latest Reads

Culture Machine launches digital channel Om Bhajan Bhakti

Culture Machine has launched its new digital brand on devotion and spirituality, titled "Om Bhajan Bhakti". The channel explores the spiritual and devotional space by providing unique experiences and learning to viewers.

iWorld Video On Demand
Welcome offer lands Reliance Jio in 4G speed soup

Even as Reliance Retail today launched 4G F1, the first device under the LYF brand outside the four elements branding, Reliance Jio seems to have received a setback with TRAI declaring its speed to be the poorest among five telecom operators. LYF F1 has been launched with advanced 4G for Reliance...

iWorld Telecom
Vodafone India announces roaming free from Diwali

Vodafone India, one of India’s leading telecom service providers, has announced free incoming calls while roaming nationally for all its customers. Starting this Diwali, all Vodafone India customers, travelling anywhere in the country, can continue to talk worry free without having to cut short...

iWorld Telecom
Facebook updates architecture for India's next billion coming online

GURGAON:  "We (Facebook) are now launching a new architecture so you can see less grey boxes, and more relevant stories quickly, regardless of your network connection. This new architecture of News Feed allows stories to be ranked on the client after being sent from the server. We avoid spinners...

iWorld Social Media
Q2-17: Reliance: Jio busts records, organised retail grows 63 percent

The Mukesh D Ambani led Reliance Industries Limited (RIL) organized retail segment - Reliance Retail, continued its growth momentum and profitability in the quarter ended 30 September 2016 (Q2-17, current quarter), while its digital services offering Jio has broken all records in terms of...

iWorld Telecom
Social media 'Ae Dil Lets Airbnb' contest starts

A social media contest has been launched to celebrate the upcoming smash release of ‘Ae Dil Hai Mushkil,‘ a Bollywood feature starring Fawad Khan, Ranbir Kapoor, Anushka Sharma and Aishwarya Rai Bachchan.

iWorld Social Media
Amazon Prime announces exclusive partnership with Vishesh Films

Prime Video, which is coming as an added benefit for Amazon Prime members in India, will be the exclusive subscription video streaming home for upcoming new releases from Vishesh Films. The releases will stream on Prime Video before their television premiere.

iWorld Video On Demand
Facebook's India-focused news feed feature launched

Social media giant Facebook a short while ago announced a new feature for providing India-focused news feeds. This decision was announced at Facebook's yet-to-be-officially-launched office here (in Gurgaon).

iWorld Social Media
OTT players spend exceeds traditional broadcasters; Netflix weighing Indian content to drive growth

MUMBAI: Online platforms such as Amazon and the streaming giant Netflix have ramped up their investment in programming, investing US$ 7.5 billion last year which is more than HBO, Turner and CBS in most countries including Australia and South Korea.

iWorld Over The Top Services

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories