What's new - Alibaba and Cultural Investment jointly acquired 12.77% ofWanda Film

Wanda Film announced that Alibaba Group Holdings Ltd (BABA.N) and CulturalInvestment Holdings Ltd (600715.SS) jointly invested a total of RMB7.8bn (for a12.77% stake ) in Wanda Film Holding. Details are as follows:

A total stake of 12.77% was acquired at RMB51.96 per share.

Alibaba will invest RMB4.68bn (for a 7.66% stake ) to become the secondlargest shareholder in Wanda Film.

Cultural Investment will invest RMB3.12bn (for a 5.11% stake) to becomethe third-largest shareholder in Wanda Film.

Wanda Group is still the controlling shareholder of Wanda Film, holding48.09% of total shares.

Wanda Film was suspended from July 2017, at a closing price ofRMB52.04.

DB's view - we expect more strategic cooperation both online and offline

Theaters of Culture Investment will join Wanda's theater chain.

Wanda will delegate pre-movie advertisement of all the theaters toCulture Investment.

Alibaba and Wanda will cooperate on movie distribution/investment/online ticketing platform/movie derivative products.

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