Alibaba Pictures, the entertainment arm of the Chinese e-commerce giant, is investing RMB 100 million (US$15.2 million) for an 80 percent stake in a movie theater operator in its hometown of Hangzhou, as it takes on rival Dalian Wanda.

The company will acquire around 61 percent of Hangzhou Xingji from shareholder Hangzhou Kunwei for RMB 39 million ($5.9 million), as well as invest RMB 61 million ($9.2 million) in the company, according to a filing earlier this week. That amounts to an 80 percent equity interest once the deal is complete.

Hangzhou Xingji owns, operates and manages the Hangzhou Star Cinema, which houses eleven theaters, including one 4D cinema and one China Film Giant Screen (CFGS) theater.  The company’s profit grew 416 percent to more than RMB 563,000 after taxes last year, the statement said.

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China Film Insider

China Film Insider is a trade publication that reports on the relationship between China’s film industry, Hollywood, and the rest of the world. It is a news website dedicated to bridging the gap of understanding...