Alibaba Pictures hits 13-month high as parent raises stake to 51 pct

Damai Entertainment Holdings

10/12/2018 02:06

** Shares of Alibaba Pictures Group Ltd  1060.HK  rise as
much as 4.9 pct to HK$1.29, the highest since Nov 10 last year,
after controlling shareholder says to raise stake in the unit
for HK$1.25 bln ($159.9 mln)
    ** Alibaba Group Holding Ltd  BABA.N  to buy 1 bln new
shares of Alibaba Pictures at HK$1.25 apiece, raising its stake
in the entertainment content producing unit to 51 pct from 49
pct  urn:newsml:reuters.com:*:nL3N1YF12M
    ** Stock has risen 17.1 pct this year, as of last close
    ** Alibaba Pictures has outperformed the Hang Seng Commerce
& Industry Index sector  .HSNC  by 6.1 percentage points in the
past one month
    ** The Hong Kong Hang Seng sub-index tracking information
technology firms  .HSCIIT  dips 1.7 pct

 ((Reuters Messaging:
donny.kwok.thomsonreuters.com@reuters.net))