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Alibaba Pictures Raises New Funds for Online Ticketing Platform

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Alibaba executive chairman Jack MaPhotograph by Jewel Samad — AFP

The listed movies unit of Alibaba Group Holding Ltd, China’s biggest e-commerce company, has raised the valuation of its O2O distribution and promotions subsidiary which operates an online ticketing platform after a new round of fundraising, it said in a Hong Kong stock exchange filing released on Sunday.

Alibaba (BABA) Pictures Group said that its O2O platform was now worth 13.7 billion yuan ($2.1 billion) based on the new financing raised from a group of investors led by CDH Investments, Ant Financial Services Group and Sina.com.

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The statement said the O2O platform raised 1.7 billion yuan ($260 million) from the investors, who will hold approximately 12.4% of its equity.

“The proceeds from this transaction will be used to sustain its operations and further strengthen its market position in a competitive and fast-developing business segment,” Alibaba Pictures Chairman Shao Xiaofeng said.