Jack Ma, founder and CEO of Alibaba Group (Photo : Getty Images)
The film production leg of the Chinese e-commerce giant Alibaba has just revealed a $300 million investment fund that it intends to use to conquer the entertainment industry, reports say.
According to the Hollywood Reporter, the Alibaba Pictures Group is teaming up with the Wuhu Gopher Asset Management to launch an investment fund they lovingly named the "Hainan Alibaba Pictures Entertainment Industry Investment Fund."
Citing a statement released to the media on Monday, THR said that the partnership aims to create "investments in companies along the value chain of the movie and television entertainment industry, creating synergies with Alibaba Pictures' own capital."
According to Alibaba Pictures Chief Zhang Qiang, the company is targeting the entertainment industry which has recently saw "bountiful" development.
"In recent years, the Chinese entertainment industry, which has mainly been driven by movies, has undergone rapid development. Bountiful investment opportunities and immense room for integration have emerged both upstream and downstream of the industry value chain," THR quoted him saying.
Alibaba Pictures is a part of the Alibaba Group which is owned and managed by Jack Ma, one of the wealthiest personalities in all of China.
According to Variety, Alibaba Pictures have already entered into joint ventures in some of Hollywood's biggest projects such as" Star Trek Beyond," "Mission: Impossible - Rogue Nation," and "Teenage Mutant Ninja Turtles: Out of the Shadows."
The company is also teaming up with Hollywood's Skydance Media in making the WWII-themed film titled "Flying Tigers" written by "Braveheart's" Randall Wallace.
The company under Ma's e-commerce chain has also invested in three Chinese-language films that are currently being helmed, namely: "Three Lives Three Worlds Ten Miles of Peach Blossom," "Ferry Man," and "Ao Jiao Yu Pian Jian."
Such investments proves that the company is still afloat as it comes just days after Alibaba Pictures vowed an increase in sales following its losses for during first half of 2016.
