Industry Film Headquarters Hong Kong Parent organization Alibaba Group | Key people Zhang Qiang (CEO) Founded 2014 | |
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Stock price 1060 (HKG) HK$ 1.36 -0.01 (-0.73%)24 Feb, 4:08 PM GMT+8 - Disclaimer Films produced See You Tomorrow, Once Upon a Time, Journey to the West: Conqueri, Paradox, Legend of the Ancient Sword | ||
Alibaba pictures buy shares in steven spielberg s ambin partners
Alibaba Pictures Group is a Chinese film company under Alibaba Group. The film company was formerly ChinaVision Media, of which Alibaba Group bought a majority stake in late 2014. It subsequently was renamed from ChinaVision to Alibaba Pictures Group. By April 2015, it was the largest Chinese film company by worth, with a market value of US$8.77 billion and by June of the same year it was worth US$9.6 billion.
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History
In March 2014, Alibaba Group bought a 60% stake in ChinaVision Media for $805 million. Alibaba initially registered a film company in the following April with the name Alibaba Films Group before changing it to Alibaba Pictures Group later in the month. Two heads from ChinaVision were listed as directors of Alibaba Pictures. In June 2014, ChinaVision Media was officially renamed to be Alibaba Pictures Group. The following July, Zhang Qiang resigned as vice president of China Film Group to become the head of Alibaba Pictures. Later in the month, Alibaba Pictures entered agreements with filmmakers and film companies, including director Wong Kar Wai and the Hong Kong-based film production company Block 2. The company purchased Yueke and at the end of 2015, Taobao Movie and Yulebao. On October 9, 2016, Amblin Partners struck a deal with Alibaba, in which Alibaba acquired a minority equity stake in the company and will handle marketing, distribution, and merchandising of Amblin Partners films in China in addition to co-financing Amblin and DreamWorks films worldwide.