If only Alibaba could print money like it is printing movie tickets. Hong Kong-listed Alibaba Pictures, nearly half owned by China’s ecommerce giant Alibaba Group, said Sunday its online movie ticketing platform raised $260 million in fresh financing, giving the unit a $2.1 billion valuation. Investors in the ticketing unit include Alibaba’s finance affiliate […]
Alibaba Pictures said on Sunday its online movie ticketing platform raised $260m in fresh financing, which gave it a $2.1bn valuation, exceeding its estimated evaluation of $266m, given only 5 months ago by an independent appraiser. This showed nearly half success of many future battles in the industry for online-to-offline services as Chinese tech companies continue to compete furiously to enter markets such as delivery, groceries, laundry and movies.