Alibaba invests big in media company

Chinese e-commerce firm Alibaba has invested heavily in Hong Kong-listed China Vision Media Group Ltd. (CVMG), becoming the media company's biggest shareholder, CVMG announced in a statement on Wednesday. Alibaba paid 6.24 billion HK dollars for 59.32 percent of CVMG's shares, the statement said.

港股上市公司文化中国传播25日发布公告，宣布阿里巴巴对文化中国传播的新股认购事项已完成。阿里巴巴以62.4亿港元获得59.32%股份，成为文化中国传播第一大股东。

Liu Chunning, Alibaba Group vice president, will serve as president of CVMG, while Dong Ping, the media group's former president, will become adviser to the company. Chinese action movie star Jet Li will act as CVMG's independent non-executive director, according to the statement.

文化中国董事会主席兼总裁董平将担任文化中国公司顾问，阿里巴巴集团副总裁、数字娱乐事业群总裁刘春宁将担任文化中国总裁。影星李连杰将担任文化中国的独立非执行董事。

The company will be renamed "Alibaba Film Group Co., Ltd." accordingly, a previous statement said.

根据此前的公告，文化中国将更名为“阿里巴巴影业集团有限公司”。

CVMG has previously obtained investment priorities in the movies of Hong Kong film directors Wong Kai-wai and Peter Ho-sun Chan, as well as Hong Kong actor Stephen Chow. It also signed deals with an entertainment company in March to invest in five films.

今年3月以来，文化中国与群星娱乐签约，将投资由电视制作人柴智屏担任监制、并由柯景腾担任导演或编剧的五部电影；文化中国还签约了王家卫授权的春光电影有限公司，获得王家卫电影的投资优先权。