Pursuits
Alibaba Buys $383 Million Stake in Film Producer Enlight Media
Jack Ma, billionaire and chairman of Alibaba Group Holding Ltd., during an event in Hong Kong, on Feb. 2, 2015.
Photographer: Lam Yik Fei/BloombergThis article is for subscribers only.
Alibaba Group Holding Ltd. purchased a 2.4 billion yuan ($383 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 Wednesday. Shares of Enlight Media, which is known for its film “Lost in Thailand,” rose by the exchange-imposed limit of 10 percent to 33.11 yuan, giving it a market value of