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ChinaVision Media changes name to Alibaba Pictures
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HONG Kong-listed ChinaVision Media Group has officially changed its name into Alibaba Pictures Group Ltd as e-commerce giant Alibaba Group made a further step into the entertainment and culture sector.
The company said in a stock exchange filing yesterday that it has named Zhang Qiang, former deputy general manager at China Film Group Corporation, as its chief executive officer.
Shao Xiaofeng, Alibaba Group's chief risk officer, will become chairman while head of digital entertainment Liu Chunning will become Alibaba Pictures' executive director.
"Alibaba Pictures is dedicated to providing movies and TV series that fits modern viewers taste and make full use of Alibaba's huge consumer behavior database," Shao Xiaofeng, chairman of Alibaba Pictures Group, said in a statement.
Martial artist and film producer Jet Lee will act as an independent non-executive director of the company.
Alibaba completed its US$800 million purchase of a 60 percent stake in the Hong Kong-listed company at the end of last month as it was seeking various channels to combine the huge amount of e-commerce data and consumers?online shopping behavior it holds with the entertainment industry.
In May, the e-commerce giant sold out the second tranche of its crowd-funding product, raising 27.7 million yuan (US$4.4 million) from 100,000 investors, which will allow it to finance five movies.
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