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Alibaba takes control of film unit in $160 million share purchase

Chinese e-commerce giant Alibaba Group announced on Monday that it is to take majority control of its films unit Alibaba Pictures in a $160 (HK$1.25 billion) deal.

The companies said that Alibaba will increase its stake in Hong Kong- and Singapore-listed Alibaba Pictures, through a share subscription, will will lift the parent company’s stake from 49 per cent to 51 per cent, and making Alibaba . . .

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