Alibaba Pictures hits nearly 8-month peak on deal to buy live performance provider

Damai Entertainment Holdings

20/09/2023 04:39

** Shares of Chinese film and drama series producer and
distributor Alibaba Pictures Group Ltd  1060.HK  rise as much as
9.1% to HK$0.60, their highest since Feb. 2
    ** Stock set for biggest one-day pct rise since Aug. 24 if
gains hold; third biggest pct gainer in the Hang Seng Composite
Index  .HSCI  
    ** Co says it agreed to buy the entire issued share capital
of live performances provider Pony Media Holdings from Alibaba's
 9988.HK  unit for $167 mln, as it aims to capture the recovery
trend in China's live entertainment industry post pandemic
    ** Says deal will be settled by issue of 2.51 bln new
shares, representing 8.5% of enlarged share capital, at HK$0.52
apiece 
    ** Says it will gain additional exposure across various
forms of live entertainment while further diversifying revenue
streams
    ** Alibaba's Hong Kong shares climb 0.1% 
    ** The Hang Seng Commerce & Industry Index  .HSNC  declines
0.8% and the Hang Seng Tech Index  .HSTECH  drops 1.5%
    ** The Hang Seng Composite Index falls 0.7% and the Hang
Seng Index  .HSI  eases 0.5%
    ** As of last close, Alibaba Pictures stock had slid 3.5%
this year

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