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. The company also announced that the Chinese government had approved plans to invest up to $1.5bn, and would provide another $1bn for Alibaba’s film business.
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 one 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.