Alibaba leads US$1.24 billion investment in Wanda Film
Subsidiary Hangzhou Zhenxi Investment Management nets 90 million shares to become the second largest shareholder
Wanda Film, the cinema operator owned by Chinese billionaire and Wanda Group founder Wang Jianlin, is selling a 7.79-billion-yuan (US$1.24 billion) stake to a pair of investors led by Alibaba, The Paper reported.
Alibaba’s subsidiary, Hangzhou Zhenxi Investment Management Co. Ltd., has secured 90 million shares at a cost of 4.68 billion yuan and will become the second largest shareholder of Wanda Film, holding a 7.66% stake in the company.
Meanwhile, controlling shareholder Wanda Investment Co. Ltd. will transfer another 60 million shares to the state-backed Cultural Investment Holdings Co. Ltd., which will account for a 5.11% share of Wanda Film.
Wanda will remain as the controlling shareholder of the firm, with a 48.09% stake, it said in a statement.