China’s Bona Film distributor announces plan to leave Nasdaq

(From Caixin Online)

Group including Alibaba movie unit puts together US$ 1 billion deal to take Bona Film private

By staff reporter Wang Qionghui

A Nasdaq-listed Chinese film distributor and producer said on December 15 that it has accepted an offer from a group including a subsidiary of Alibaba Group Holding Ltd. to go private.

bona22Bona Film Group Ltd. said Alibaba Pictures Group Ltd. was part of a group that will pay US$ 27.40 per ordinary share and US$ 13.70 per American depositary share, figures that value the company at US$ 1 billion.

The other members of the group taking Bona Film private include Willow Investment Ltd., which belongs to Tencent Holdings Ltd.; Fosun International Ltd.; Sequoia Capital China; SAIF Partners; and Bona Film’s founder and chairman, Yu Dong.

Besides making and distributing movies, Bona Film owns cinemas and represents talent. It has invested in big-budget foreign-made films such as this year’s The Martian; X-Men: Apocalypse, which is coming out next year; and Planet of the Apes 3, which is due in 2017.

Alibaba Pictures said on December 15 that it will invest US$ 86 million for about 10 percent of Bona Film. Alibaba’s movie unit will have the second-largest stake in Bona Film, after the company’s leadership, a source with knowledge of the matter said. Read more


Categories: Asia Unhedged, China

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