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Alibaba Unit Says To Raise $1.6 Billion In Share Sale For Media Acquisitions

Ron Burgundy

By Ron Burgundy,
in Tech News

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Ron Burgundy

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The logo of the Alibaba Group is seen inside the company's headquarters in HangzhouAlibaba Pictures Group Ltd , the film and entertainment unit of China's largest ecommerce company, said on Thursday it plans to raise $1.6 billion in a share offering to select investors to finance media-related acquisitions. Alibaba Pictures plans to sell 4.2 billion shares at HK$2.90 each, putting the total deal at HK$12.18 billion ($1.57 billion), according to a Hong Kong stock exchange filing. Alibaba Pictures, previously known as ChinaVision Media Group, is flush with cash after raising nearly 5 billion yuan ($807 million) in 2014 from a massive share offering that put Alibaba in control of the company.




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