Pursuits
Alibaba Movie Unit Soars as Parent Says It May Inject Assets
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Alibaba Pictures Group Ltd. climbed to a 14-year high, adding $2.8 billion to its market value, after parent Alibaba Group Holding Ltd. said it was considering “injecting” some of its entertainment assets into the unit.
Alibaba Pictures surged 37 percent to HK$3.91 at the close in Hong Kong, the highest since 2001. Alibaba Group may fold its online movie ticketing business and a movie crowd-funding platform into Alibaba Pictures, the parent said in a filing Wednesday. There is no certainty a deal will go ahead, it said. Alibaba Group shares rose 3.9 percent to close at $85.39 in New York.