The film production wing of Alibaba Group Holding Ltd, Alibaba Pictures, has recently unveiled a $300 million investment fund. The fund will reportedly be exclusively used in the entertainment industry. Sources have stated that Alibaba is partnering with Wuhu Gopher Asset Management to form “Hainan Alibaba Pictures Entertainment Industry Investment Fund.”
Zhang Qiang, Alibaba Pictures’ Chief, said “In recent years, the Chinese entertainment industry, which has mainly been driven by movies, has undergone rapid development. Bountiful investment opportunities and immense room for integration have emerged both upstream and downstream of the industry value chain.”
Jack Ma is the CEO of Alibaba Group Holding Ltd, and he is also one of China’s wealthiest person. The company has previously invested in major Hollywood films, such as Mission Impossible: Rogue Nation.
Ma has recently said that he wants Alibaba’s sales to become equivalent to the 5th richest country in the world (by 4 years.) An article published on PYMNTS on the 27/07/2016 gave further details, reading “He wants Alibaba’s sales to become the equivalent of the world’s fifth-richest country in four years. That means that, by 2020, Ma wants Alibaba — sort of a Chinese mix of Amazon and eBay — to be generating income or “gross domestic product” only surpassed by the economies of the U.S., China, the European Union and Japan. That’s a hefty goal, which Ma unveiled for the first time at the company’s first-ever Investor Day as a public company on June 14 at Alibaba’s headquarters in Hangzhou, China.”
As of 15:20 GMT on the 27/07/2016, a share in Alibaba Group Holding Ltd is trading at $83.53, down by 0.07% so far today. The firm is currently valued at $207.59 billion (market cap.) Alibaba is one of the largest companies in China and the world. The corporation is active in a number of sectors, but its primary business in e-commerce.
