Alibaba buys 2.4b yuan stake in film producer Enlight Media
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ALIBABA Group Holding Ltd has purchased a 2.4 billion yuan (S$530 million) stake in Chinese film company Beijing Enlight Media Co as the e-commerce giant expands its television and entertainment offerings.
Hangzhou Ali Venture Capital Co, an Alibaba subsidiary, bought shares of Enlight Media at 24.22 yuan apiece in a private placement, according to a statement to the Shenzhen Stock Exchange on Wednesday. Shares of Enlight Media, which is known for its film Lost in Thailand, rose by the exchange-imposed limit of 10 per cent to 33.11 yuan, giving it a market value of 33.5 billion yuan.
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