Alibaba Pictures has announced it will raise at least HK$12.1bn ($1.6bn) from a share placement.
In a statement to the Hong Kong Exchange, the company said it would place 4.2bn shares at HK$2.90 per share — a discount of 19.9 per cent to the company's last traded price of HK$3.62 on June 1, or a discount of around 12.9 per cent to its average closing price over the prior five sessions.
The Hong Kong-listed company, formed last year when Chinese e-commerce group Alibaba acquired a majority stake in China Vision Media Group, said the proceeds from the placement for general working capital purposes and also to fund any "potential acquisitions arising out of media related investment opportunities that may arise in the future."
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