Alibaba Pictures Group, the film making arm of Chinese e-commerce giant Alibaba has raised $260 million (RMB1.7 billion) for Taobao Movies, which offers ticketing and seat selection services.
The series A financing for Taobao Movie is led by CDH Investments, Ant Financial Services Group and Sina.com. Other investors include Hehe Pictures, Bona Film, Huace Media, Nanpai Entertainment and Union Pictures.
APG says that the fund-raising means that the unit now has a valuation of $2.1 billion (RMB13.7 billion.)
Taobao Movie, which was acquired from parent Alibaba at the end of 2015, connects to more than 5,000 theaters in China, covering 95% of the country’s total theater box office. APG sees it as an integral part of its online promotion and distribution business, as well as a platform that connects consumers with film entertainment.
“The completion of this Series A Financing demonstrates that the business strategy, market prospects and operational capability of Taobao Movie has been well recognized by the industry. With the support of more abundant resources and capital, we will continue to create greater value for our partners, investors and the market,” said Zhang Qiang, CEO of APG.
While Alibaba shares are traded in New York, APG has its own share quotes and is listed on both the Hong Kong and Singapore stock exchanges.