Movie time for Jack Ma's Alibaba
- By Yang Gongzhen
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E-mail China.org.cn, July 13, 2014
Jack Ma (Ma Yun)'s Alibaba is continuing to expand. Step by step, it has pocketed ChinaVision Media, reached a strategic cooperation with Wasu Group, and bought a stake in Youku-Tudou.
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An image search request for "Jack Ma" brings up a photo of him dressed as a grey-hair sorceress. |
An image search request for "Jack Ma" brings up a photo of him dressed as a grey-hair sorceress, or, in other cases, a photo of him practicing tai chi martial arts. These photos show that Ma loves leisure, and those around him would agree.
But what makes him different from the prodigal sons of wealthy businessmen or just rural landlords, who also tend to love leisure, is Ma's achievements. Ma, the first batch of lucky men in the Internet boom in China, now has arisen to become a godfather-like figure in his industry.
He recently made two more major purchases. Alibaba acquired a 50 percent stake in Guangzhou Evergrande Football Club, renaming the team Guangzhou Evergrande Taobao. Not long ago, Alibaba bought an almost 60 percent stake in ChinaVision Media, changing its name to Alibaba Pictures Group Limited.
Ma once noted that China's cultural industry worth the investment and it is easier to start with entertainment.
In his opinion, Hollywood did not intend to convey the American values -- something the U.S. film industry had not planned on -- instead it helps form a value system characteristic of the United States and accepted by other countries.
"China needs to explore similar opportunities today. This is how we should spend the money we earn. We should seek to provide nice cultural products in our quest to build a Warner Bros-like Chinese company," he said.
ChinaVision Media, which is now called Alibaba Pictures, is by no means ordinary. "Journey to the West: Conquering the Demons," a Stephen Chow film released in 2013, which made more than 1 billion yuan (US$162.34 million) at the box office, received a 30 percent investment from ChinaVision Media.
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