This is Wanda Film
SHANGHAI: Alibaba Group Holding Ltd has agreed to buy a stake in Dalian Wanda Group Co’s cinema operator as billionaire Wang Jianlin’s real estate-to-entertainment conglomerate turns to another Chinese tech giant and a government-backed company for investments totalling 7.8 billion yuan (US$1.2bil).
Alibaba is to pay 4.68 billion yuan for a 7.66% stake in Wanda Film Holding Co, making the e-commerce giant the second-biggest shareholder, Wanda Film said yesterday in a regulatory filing. Beijing Cultural Investment Holdings, controlled by the Chinese government, will pay 3.12 billion yuan for a 5.11% stake.
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