Alibaba Group Holding Ltd (NYSE:BABA) remains engaged in several initiatives to unlock shareholder value, including its artificial intelligence maneuvers, as it battles intense domestic competition.
Alibaba Group’s media and entertainment division plans to invest approximately $640 million in promoting movies, television dramas, and creative events in Hong Kong over the next five years.
This announcement follows the unit’s significant sales increase, fueled by China’s robust box office performance, the Wall Street Journal reports. The stock is up over 2% Tuesday.
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The investment, amounting to 5 billion Hong Kong dollars, aims to rejuvenate Hong Kong’s creative industries, focusing on talent development within the Asian financial hub. The initiative will be led by Alibaba Pictures and the long-video platform Youku, which have both entered ...