Alibaba Pictures, the movie subsidiary of e-commerce giant Alibaba, has acquired a 30% in China-based film investment firm Hehe Pictures, China Money Network reported yesterday.
Financial details of the transaction have not been disclosed. Alibaba Pictures will become the second largest shareholder in Hehe following the closure of the deal.
Incorporated in 2013, Hehe Pictures has invested in a range of commercially successful movies that have grossed a combined RMB4.8bn ($700m) at the box office. The company is planning to…
