Alibaba Invests $383 Million In Chinese Movie Production Company Enlight Media

Alibaba Group Holding Ltd BABA has bought a 2.4 billion yuan ($383 million) stake in Enlight Media Co., a leading Chinese film production and distribution company. Alibaba and Enlight Media declined to comment.

Enlight Media had previously announced that the China Securities Regulatory Commission (CSRC) had approved its plan to privately offer additional stock priced at 24.22 yuan per share. The company intended to raise a total of 2.8 billion yuan.

According to a Shenzhen Stock Exchange filing presented on Wednesday, Alibaba's subsidiary Hangzhou Ali Venture Capital Co. purchased 2.4 billion yuan worth of shares. The remaining 400 million yuan of shares were acquired by an Enlight Media subsidiary, called Shanghai Enlight Investment Holding Co.