Magazine article Screen International

Alibaba Pacts with High-Profile Trio

Magazine article Screen International

Alibaba Pacts with High-Profile Trio

Article excerpt

ChinaVision Media Group, which will soon be renamed Alibaba Pictures Group, has signed production deals with Wong Kar Wai's Block 2 Pictures, Angie Chai and Giddens Ko's Star Ritz International Entertainment and Peter Ho-sun Chan's We Pictures.

The deals emerged in a profit warning filed by ChinaVision on the Hong Kong Stock Exchange on Friday. ChinaVision is being rebranded as Alibaba Pictures Group, following ecommerce giant Alibaba's acquisition of a controlling stake in the company in April.

Alibaba has also reportedly hired China Film Group vice president Zhang Qiang to head Alibaba Pictures Group. However the company has not confirmed or responded to the reports.

ChinaVision reported expected losses of $12.5m (HK$97m) to $23m (HK$180m) for the six months to June 30, 2014. However it added that losses were due to a lack of films released during this period, and that business was expected to pick up in the second half of the year.

"With the existing business cooperation arrangements in place and the reasons stated above, the board expects that the group will pick up its buisness activities in the second half of 2014," the company said in the filing. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.