Alibaba has made a major purchase in cinemas, marking an important milestone as the Chinese tech giant now controls investments across the entire film industry production chain.

The company’s entertainment arm, Alibaba Pictures, bought 1 billion yuan ($154 million USD) worth of convertible bonds issued by Guangdong Dadi Cinema Construction, who own 313 cinemas over 150 cities in China.

According to a filing with the Hong Kong stock exchange submitted on Monday evening, Alibaba will take on a 4.76 percent equity stake in the cinema company.

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Cate Cadell

Cate is a tech writer. She worked as a journalist in Australia, Mongolia and Myanmar. You can reach her (in Chinese or English) at: @catecadell or catecadell@technode.com