<article>Alibaba Group Holding Ltd said on Monday it will increase its stake in Hong Kong-listed Alibaba Pictures to 51 percent, taking control of the film unit&#8217;s board.</article>

Alibaba Group Holding Ltd said on Monday it will increase its stake in Hong Kong-listed Alibaba Pictures to 51 percent, taking control of the film unit&#8217;s board.
Alibaba Pictures will issue one billion new shares to Alibaba at HK$1.25, valuing the exchange at roughly HK$1.25 billion ($159.9 million), the e-commerce firm said.
Currently, Alibaba owns a 49 percent stake in the firm.
&#8220;The proposed share purchase is a vote of confidence in Alibaba Pictures, and we will continue to invest resources,&#8221; Alibaba chief Daniel Zhang said.
Alibaba Pictures, which listed in 2016, operates under Alibaba&#8217;s Digital Media and Entertainment business.
Reuters

Alibaba Group on Monday it will increase its stake in Hong Kong-listed Alibaba Pictures to 51%, taking control of the film unit's board.

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

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

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