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Alibaba leads US$1.24b investment in film unit of China's Wanda

Published Mon, Feb 5, 2018 · 09:50 PM

Beijing

CHINA'S Dalian Wanda Group is selling a US$1.24 billion stake in its listed film unit to a pair of investors led by Alibaba Group Holding Ltd, as the conglomerate looks to bring in strategic partners and raise new funds.

The property-to-entertainment firm will sell the combined 12.77 per cent in Wanda Film Holding Co Ltd to e-commerce giant Alibaba and state-backed Cultural Investment Holdings Ltd for a total of 7.8 billion yuan (S$1.64 billion).

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