Enlight Media, 3/04/15
Hangzhou-based Ali Venture Capital, the VC subsidiary of e-commerce conglomerate Alibaba Group (NYSE: BABA), has offered to purchase RMB 2.4 bln in newly issued shares in a private offering from Beijing-based TV program and film production company Enlight Media (300251.SZ). Enlight Media has announced that the China Securities Regulatory Commission (CSRC) approved its plan for a private offering of additional stock priced at RMB 24.22 per share to raise a total of RMB 2.8 bln. Enlight Media subsidiary Shanghai Enlight Investment Holding Co. has offered to buy the remaining RMB 400 mln of shares.
Editor's Note: Alibaba's investment in Enlight Media will earn it an 8.8% stake in the company. Enlight Media recently set up a paid-content online video JV with internet firm Qihoo 360 (NYSE: QIHU). "Update: Enlight Media, Qihoo Form Online Video JV" MD 12/23/14 issue. Qihooo 360 also reportedly receives a significant fee from online video service provider Youku Tudou (NYSE: YOKU), in which Alibaba Group is also an investor, to direct video traffic from its various web properties to Youku Tudou's platform.