Latest Alibaba news surrounds the latest acquisition that happened. The e-commerce giant has not only been seen as one of the most prominent but also one of the most promising companies that have taken the monetization aim to another whole new level, also the company has begun marking its presence globally by extending the initial online store to the ‘Cloud Hospital’ and now also with the presence in entertainment industry. The Alibaba Pictures Group has recently showed the green flag for buying the cinema ticketing software for $134 million which is approximately 830 million Yuan. Alibaba Pictures Group is a subsidiary of Chinese e-commerce giant, Alibaba Group Holding.
Alibaba news reports that the acquisition happened through Zhong Liang Sheng Shi Culture, which is a subsidiary of Alibaba Pictures when it acquired the Guangdong Yueke Software Engineering Company which was previously owned by Yueke Technology Financial Group which is state-run. The software engineering company was acquired on 20th April in the result of an open bidding which was held at Southern United Assets and Equity Exchange in China. It is said that the acquired company has been working with more than 1,000 theaters across the country. It also provides the software for connecting systems to many big names in online ticketing. It includes Alipay, Meituan which is a site for group-discount and Tencent Holdings.
Yueke is considered to be among the six companies that have received an approval from regulators in China where they can provide systems for online-ticketing. The earning for the company as per the records have been $1.8 million in profit which is 11.3 million Yuan. It was earned on the revenues of the $8.4 million or 51.8 million Yuan.
The shares pertaining to Alibaba Pictures had initially been halted on 20th April. It has rose to 14.9% since the time it has resumed the trading on Wednesday.
The world has observed enhancing features of what Alibaba has been putting forth as far its entertainment presence is concerned. This is where the company has planned to take its business presence outside e-commerce. On 8th April, the e-commerce giant proposed that it shall inject its business pertaining to online-ticketing and its crowdfunding businesses regarding movie production into Alibaba Pictures sector.
One of the prominent advantages that Alibaba Pictures will have with this acquisition is that it will work with larger number of movie theatres and also be able to connect those theatres with millions of users by utilizing the parent company, Alibaba’s platform designated for e-commerce, as per the resources from filing. The value of Alibaba Pictures is expected to increase as well.