Slaughter and May is advising Alibaba on its acquisition of shares in Alibaba Pictures
Slaughter and May, Hong Kong, is advising Alibaba Group Holding Limited (Alibaba), in relation to its subscription, through its indirect wholly-owned subsidiary Ali CV Investment Holding Limited, for new shares in Alibaba Pictures Group Limited (Alibaba Pictures), a company listed on The Stock Exchange of Hong Kong Limited, for an aggregate consideration of HK$1,250 million (approximately US$160 million). The new shares represented approximately 1.92% of the issued share capital of Alibaba Pictures as enlarged by the issue of the new shares, the subscription for which was expected to increase Alibaba’s shareholding in Alibaba Pictures from approximately 49.00% to approximately 50.92%. The subscription was announced on 10 Dec 2018. Completion of the subscription is conditional upon, among others, the approval of the independent shareholders of Alibaba Pictures.
Alibaba’s businesses comprise core commerce, cloud computing, digital media and entertainment and innovation initiatives. Alibaba’s shares are listed on the New York Stock Exchange.
Alibaba Pictures is a Bermuda-incorporated company listed on the Hong Kong Stock Exchange (Stock Code: 1060) and the Singapore Exchange Securities Trading Limited (Stock Code: S91). The core business of Alibaba Pictures includes three major segments: (i) Internet-based promotion and distribution, (ii) content production, and (iii) integrated development.