Alibaba’s movie unit stars in $1.56b deal

Between 30 to 40 investors participated in the share-sale of Alibaba Pictures, which plans to use the proceeds to acquire entertainment firms in China.

Alibaba Pictures Group became the latest mainland company to secure funds through a private placement in Hong Kong, raising HK$12.1 billion $1.56 billion.  

The share-sale in Alibaba Pictures, the flagship unit of Alibaba’s entertainment arm, came amidst a 1.9% drop in Hong Kong’s stock markets on Thursday morning.

On offer were some 4.2 billion new shares at HK$2.90 per unit, according to a company statement.

At HK$2.90 per unit, the shares were offered at a 19.9% discount to the June 1 closing price of HK$3.62 per share, and a 12.9% discount to the average closing price of HK...

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