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Alibaba founder and chairman Jack Ma poses for the media while touring the CeBIT trade fair in Hanover March 16, 2015. [Photo/Agencies] |
Alibaba Pictures Group Ltd, in which Alibaba has a 60 percent stake, announced on Wednesday that it is in discussion with the holding parent company over the transfer of Alibaba's online film ticketing and movie financing business to the Hong Kong-listed company.
The ticketing service, which became fully operational in 2014, is currently offered on online business site Taobao.com. Within a year, it has quickly evolved into one of the most popular ticketing platforms in China.
The transfer is being accompanied by an investment in the e-commerce giant's crowdfunding platform for financing movies. Established in March 2014, Yulebao is the world's first platform for individuals to invest in movies. Last year, it accumulated 330 million yuan ($54 million) for 12 films.
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