Jack Ma-backed Huayi Brothers hits 6-wk high on strategic agreement with Alibaba Pictures

Damai Entertainment Holdings

24/01/2019 03:46

** Shares in Huayi Brothers Media Corp  300027.SZ  surge as
much as 10 pct to 6-week high, as the Jack Ma-backed movie and
television drama company joins hands with Alibaba Pictures
    ** Stock leads the rise in the CSI media index  .CSI399971 ,
which is up 1.4 pct 
    ** Huayi Brothers says it has signed a strategic framework
agreement with Alibaba Pictures  1060.HK , for a comprehensive
business partnership regarding film & tv works, artists'
development, merchandise development and marketing services
 urn:newsml:reuters.com:*:nS7N1Z302O 
    ** Says agreement will have positive and far-reaching impact
on both companies' future strategies and business development 
    ** Alibaba Pictures' unit Beijing Asian Union will grant a
loan of 700 million yuan to Huayi Brothers for a term of 5 years
 urn:newsml:reuters.com:*:nFWN1ZN0KU  
    ** Alibaba Pictures  1060.HK  spiked as much as 3.1 pct
before paring much of its gains
    ** As of end-Sept 2018, Tencent held a 7.9 pct stake in
Huayi Brothers, Jack Ma held a 3.6 pct stake, while an Alibaba's
Hangzhou unit held a 4.4 pct stake

 ((luoyan.liu@thomsonreuters.com; Reuters Messaging:
luoyan.liu.thomsonreuters.com@reuters.net))