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Alibaba Pictures will collaborate with Hengdian Film Industrial Park in producing, marketing and distributing films and television programmes. Photo: AP

New | Alibaba Pictures signs deal with Hengdian Film Industrial Park to pool resources

Sophie Yu

Alibaba Pictures Group signed a letter of intent to establish a film and television company with Hengdian Chinese Film Industrial Park over the weekend in Hengdian, Zhejiang province, the two companies said on Monday morning.

Zhang Qiang, the chief executive of Alibaba Pictures, said that by pooling resources and reinforcing each other’s capabilities, “we believe our collaboration will make us more competitive and help raise our game in terms of content innovation, investment, production and distribution”.

The two sides would “fully capitalise on each other’s resources to explore extensive co-operation at all levels in the film and television industry”, Alibaba Pictures said in a statement.

The new company would invest, manage, produce and distribute film and television projects in a platform that integrated e-commerce, film and television, it said.

The new firm will also be the training ground for film and television professionals and help promote innovation, driving the development of China’s film and television industry.

Through this partnership, Alibaba Pictures will leverage the resources of Hengdian Film Industrial Park, including its filming studios and facilities, to collaborate in producing, marketing and distributing films and television programmes.

Trading of the shares in Alibaba Pictures has been suspended since August 15 on possible breaches of financial records.

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