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Investors bet on Alibaba Pictures
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Alibaba Pictures Group Ltd said its online movie ticketing platform has raised US$1.7 billion yuan (US$260 million) from associates and partners in series A funding, the Hong Kong-listed firm said, as a latest step to strengthen its capability in the entertainment sector.
Venture capital firm CDH Investments, Ant Financial Services Group and Internet portal Sina.com and other investors have purchased collectively 12.4 percent of equity interest in Taobao Movie, according to a stock exchange filing yesterday.
That would put a valuation of 13.7 billion yuan on Taobao Movie, and the proceeds will be used to sustain its operations and further strengthen its market position.
Other investors include movie and entertainment industry players such as production houses, and the company added that it’s committed to developing closer business relationship with these investors whose industry and strategic resources are highly valuable.
A number of Internet companies are fighting to get a foothold in the online movie ticketing business as domestic consumers have quickly adapted to purchasing tickets through smartphone applications.
Box office in China soared 49 percent from a year ago and hit a record 44 billion yuan in 2015.
Taobao Movie was originally a part of the NYSE-listed Alibaba Group but was integrated with Alibaba Pictures in 2015 and it connects online ticketing services to more than 5,000 domestic cinemas.
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