Chinese e-commerce giant Alibaba will look to boost its film efforts and its loss-making movie unit by strengthening its ties with Enlight Media. The companies said Monday that Alibaba Pictures chairman Shao Xiaofeng would become CEO of Enlight, one of China’s leading private film production companies.
Alibaba in March acquired an 8.8 percent stake in Enlight for $380 million.
The appointment of Shao is being read in China as deepening the relationship between the companies, giving Alibaba Pictures greater competitiveness in the mainland market. Alibaba is Enlight’s second-biggest shareholder.
Founder and executive chairman Jack Ma has ambitions to become a major player internationally and described Alibaba as “the biggest entertainment company in the world”, but its movie unit has struggled to find its feet since its purchase in June last year. Alibaba Pictures notched up a $54 million loss in 2014.
