Alibaba Pictures Group, the film production and investment arm of e-commerce giant Alibaba, will relocate its headquarters to Beijing.
The announcement was made by Alibaba in a social media posting on Thursday. So far the movies unit, which has a separate listing on the Hong Kong Stock Exchange, has not made a regulatory filing.
Alibaba and most of its operations have to date been based in Hangzhou, near Shanghai. It will establish a second HQ in Beijing, relocating its movies and healthcare divisions. Alibaba said that the move would allow “limitless” expansion and allow its logistics businesses to better target the north of the country.
Beijing is also home to most of China’s movie companies. That includes Youku Tudou, the video streaming company in which Alibaba owns a 16.5% stake.
Alibaba Pictures, established last year following the takeover of a listed company ChinaVision, has begun film investment operations and has a stake in “Mission: Impossible – Rogue Nation,” as well as upcoming Chinese animation “Little Door Gods” and live action drama “Ferryman,” which is being produced by Wong Kar-wai. Alibaba has also said that it may transfer other related assets, such as movie ticketing, to the unit. But details have not yet been clarified.