SEOUL – Alibaba, the Chinese e-commerce giant currently readying a $130 billion IPO, has hired Zhang Qiang to head its film division, according to reports.
Zhang was vice president of China Film Group, the state-owned enterprise that is the single largest player in the Chinese industry.
According to the Wall Street Journal, where the story was first reported , Zhang has resigned from CFG and will start his new position next month.
The move further underlines the scale of Alibaba’s ambitions in film and entertainment.
In the past few months it has launched crowd-funding site Yu Le Bao. It has also paid $1.09 billion for a $16.5% stake in online video platform Youku Tudou; $806 million for a 60% stake in film producer ChinaVision; put up $1.05 billion of loans for minority stake in digital broadcasting group Wasu; and $190 million for a 50% stake in Evergrande FC, one of China’s leading soccer teams.