HONG KONG: A firm controlled by Alibaba founder Jack Ma and social media firm Tencent are set to invest a combined 2.8bil yuan (RM1.5bil) to raise their stakes in Huayi Brothers Media Corp, as China's tech giants push into entertainment.
Huayi Brothers, which produces and distributes music, movies and television programmes, said in a filing to the Shanghai stock exchange that it would issue issue 145 million shares in a private placement to raise a total of up to 3.6bil yuan (RM1.97bil). It plans to use the cash for new movie and other projects, as well as to repay some bank loans.