Alibaba Pictures hits 7-1/2-year low as China cracks down on celebrity fan culture

Damai Entertainment Holdings

30/08/2021 03:26

** Shares of movie promoter and distributor Alibaba Pictures
Group Ltd  1060.HK  drop 10.5% to HK$0.77, their lowest since
February 2014, extending losses for a third straight session
    ** Stock set for the biggest daily percentage drop since May
2018; the second-biggest percentage decliner in the Hang Seng
Composite Index  .HSCI  
    ** The shutdown of a social media account of Chinese actress
Zhao Wei, a former shareholder of Alibaba Pictures, put pressure
on the stocks last Friday on speculation of widening crackdown
in China entertainment industry
    ** China cracked down on what it described as a "chaotic"
celebrity fan culture on Friday, barring platforms from
publishing popularity lists and regulating the sale of fan
merchandise after a series of controversies involving artists  
 urn:newsml:reuters.com:*:nL1N2PY02L
    ** The country's top internet watchdog said it would take
action against the dissemination of "harmful information" in
celebrity fan groups and close down discussion channels that
spread celebrity scandals or "provoke trouble" 
    ** Shares of Alibaba Pictures' parent Alibaba Group Holding
 9988.HK  climb 0.8% to HK$157.10
    ** The Hang Seng Tech Index  .HSTECH  gains 0.2%, while the
Hang Seng Composite Index  .HSCI  slips 0.2%
    ** The Hang Seng China Enterprises Index  .HSCE  slips 0.3%
and the benchmark index  .HSI  falls 0.4%


 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))