Hashtag
.

(the "Target Company"), the operator of "Damai" brand. By further expanding the upstream presence of "Damai" brand in live entertainment industry value chain, such as events production and promotion, venue operation and artist management, the Company aims to strengthen scale advantages and barriers to entry, and further build brand awareness for its offline entertainment business.

Through "Damai" brand, the Target Company (along with its subsidiaries) is a leading provider of live performances, including concerts, musical festivals, livehouse performances, plays, sports events and exhibitions in the PRC. The Target Company engages in the full life cycle of live performances, including production, promotion and ticketing, and served over 1.8 million events with over 100 million registered customers cumulatively.

"We believe this transaction heralds a new chapter for the new Alibaba Pictures. Before today's announcement, we have already established deep connection with Damai through our exclusive service agreement, and accumulated over 20 million Taomai VIP members to date," said Mr. Jie Li, President of Alibaba Pictures. "Following the transaction, we will strive to integrate our resources, expand presence along industry value chain, drive development through technology innovation, and ultimately create value to our customers and shareholders."

The aggregate consideration shall be US$167 million (equivalent to approximately HK$1,307 million) and shall be satisfied by the Company allotting and issuing 2,513,028,847 consideration shares to Alibaba Investment Limited at an issue price of HK$0.52 per share, based on the volume weighted average price of the Company's ordinary shares listed on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") for thirty (30) consecutive trading days immediately preceding the agreement date. Immediately after the issue of the consideration shares, Alibaba Group will increase its shareholding in Alibaba Pictures to approximately 54.26%.

J.P. Morgan Securities (Asia Pacific) Limited acted as Financial Adviser to the Company.

Subject to the fulfillment of certain conditions precedent, including obtaining approval from Independent Shareholders in a special general meeting, the transaction is expected to be closed in the fourth quarter of 2023. For more information, please refer to Company's announcement published on the Stock Exchange dated September 19, 2023.


Hashtag: #AlibabaPictures

The issuer is solely responsible for the content of this announcement.

About Alibaba Pictures

Alibaba Pictures was incorporated in Bermuda and its shares are listed on the Main Board of the Stock Exchange. The Company is an entertainment platform driven by the Internet at its core, with full coverage across the industry chain. The core business of the Group includes three major segments: content, technology and IP merchandising and commercialization. These segments encompass (i) investment in and production and distribution of entertainment content, such as film and drama series, both domestically and internationally; (ii) digitalization in the entertainment sector, including platform ticketing, digital intelligence business and other technology products; and (iii) centered around content IP, provision of professional services such as IP development and operation, and production and distribution of IP derivatives, respectively.

For more information, please visit

Lee Kum Kee Garners Industry Cares Recognition Scheme 2024 ‘Grand Award’ from the Federation of Hong Kong Industries

HONG KONG SAR - Media OutReach Newswire - 1 November 2024 - On 26 September, Lee Kum Kee rejoiced as the recipient of the esteemed 'Grand Award', 'The Most Devoted Award' and 'The...

Luxshare Precision Reports Steady Growth in Q3 2024 Results, Optimistic About Annual Performance

HONG KONG SAR - Media OutReach Newswire - 1 November 2024 - Luxshare Precision (002475.SZ) announced its Q3 2024 financial results on October 25. In the first three quarters of th...

Hong Kong’s First AI Company (Nasdaq: ATGL) Successfully Concludes Its One-Year-Anniversary Halloween Celebration

HONG KONG SAR - Media OutReach Newswire - 1 November 2024 - On the evening of October 31, 2024, Alpha Technology Group Limited. (NASDAQ: ATGL), Hong Kong's first AI company, succe...

DFA Awards 2024: Asia’s Creative Luminaries Shine

New ‘Designer of the Year’ Award Unveiled HONG KONG SAR - Media OutReach Newswire - 1 November 2024 - Hong Kong Design Centre (HKDC) is pleased to announce the esteemed laureates ...

Lionrock Property: Continuous supply of student accommodation to build Hong Kong education hub

HONG KONG SAR – Media OutReach Newswire - 1 November 2024 – Lionrock Property is currently in charge of two student accommodation projects at 177 Prince Edward West and 56 Ma Tau...

Outback Steakhouse celebrates its 25th anniversary in Hong Kong

Enticing promotions to thank customers for their support HONG KONG SAR - Media OutReach Newswire - 1 November 2024 - Outback Steakhouse celebrates its 25th anniversary in Ho...

Hong Kong: reinforcing links with Saudi Arabia and the Middle East

HONG KONG SAR - Media OutReach Newswire - 31 October 2024 - Paul Chan, Financial Secretary of the Hong Kong Special Administrative Region (HKSAR) Government, is visiting Saudi Ara...

IN THE NEWS

Real-Time Traffic Analysis Using Distance Matrix API

In the modern world, traffic congestion has become a major issue that impacts daily life, business oper.

Swiss Re Foundation aims to boost health and environmental innovations through Shine Southeast Asia

Shine, Swiss Re Foundation's flagship social entrepreneurship programme, invites participation fr.

How to Keep Your Swimming Pool Crystal Clear

One of the most crucial responsibilities of having a pool at home is cleaning it. You need to maintai.

The Disseminator of Encryption Knowledge, the Educational Mission of JUHBZ

COLORADO, UNITED STATES - Media OutReach Newswire - 15 June 2024 - JUHBZ, a globally trusted cryptocurr.

Atria-City Dental Group Celebrates 30th Anniversary Alongside World Health Day With Special Dental P…

SINGAPORE - Media OutReach Newswire - 15 May 2024 - Atria-City Dental Group, a multidisciplinary dental .

CBC Tech Certified as Zscaler Authorized Partner for Delivery Services

BEIJING, CHINA - Media OutReach Newswire - 25 June 2024 - CBC Tech, a next-generation technology se.

Health & Wellness

How to Maintain Your Oral Health During Stressful Times

Hashtag.net.au - avatar Hashtag.net.au

Life can be a bit like an Australian outback road—full of twists, turns, and the occasional bump. During these hectic, stressful times, it’s all too easy to let your oral health fall by the wayside...

The impact of visual art on mental health and productivity

Hashtag.net.au - avatar Hashtag.net.au

In a world where stress and anxiety often take center stage, the presence of visual art in our daily environments offers a quiet yet profound counterbalance. Posters and paintings are not just decor...

Understanding the Environmental and Health Impacts of Waste Disposal: Essential Insights

Hashtag.net.au - avatar Hashtag.net.au

🌎♻️Explore the health & environmental impacts of waste disposal. Dive into essential insights💡for a sustainable future! #WasteManagement #Health🌿🌍 Waste disposal is an inevitable aspect of mode...

The Role of a Child Psychologist: Helping Kids Navigate Emotional Challenges

Hashtag.net.au - avatar Hashtag.net.au

Child psychologists play an important role in aiding children to overcome behavioral and emotional challenges. The experts will easily identify the developmental stage and emotional needs of the chi...

Tomorrow Business Growth