Today, Alibaba Pictures Group Limited, a subsidiary of Alibaba Entertainment Group, announced the signing of a share purchase agreement with Alibaba Investment Limited, a wholly-owned subsidiary of Alibaba Group Holding Limited (" Alibaba Group "). Alibaba Pictures will conditionally acquire all of Pony Media Holdings Inc., which operates the "Damai" brand (the "Target Company"). Alibaba Pictures will further build the brand awareness of its offline entertainment business by expanding the "Damai" brand's upstream influence in the live entertainment industry value chain, including event hosting and promotion, venue operation and artist management.

The target company is a company incorporated in the British Virgin Islands on 17 December 2004. Through the Barley brand, Target Group is a leading provider of live performances, including concerts, music festivals, live performances, theatre, sporting events and exhibitions in China.

After the acquisition, the Group, together with the target company, will be positioned as the offline entertainment flagship platform of Alibaba Entertainment Group. By further expanding Damai's upstream influence in the live entertainment industry value chain such as event hosting and promotion, venue operation and artist management, the company consolidates its scale advantages and competitive barriers, and further builds brand awareness of its offline entertainment business.

As of the announcement date, the Target Company is directly and wholly owned by the Seller and indirectly controlled by Alibaba Holding. In July 2014, the Seller subscribed for preferred Shares at an aggregate consideration of US $133 million, representing approximately 32% of the equity interest of the Target Company (on a fully amortized basis). In March 2017, the Seller acquired all the issued and outstanding shares of the Target that it did not already own for an aggregate consideration of $393 million, and the Target therefore became a wholly-owned subsidiary of the Seller.

Alibaba Pictures said it expects to close the deal in the fourth quarter of 2023.

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