Dong Ping, founder of ChinaVision Media Group (01060.HK), has set up the Hong Kong unit of Alibaba Films Group Ltd. in early April without much publicity, Apple Daily reported Monday.
The move came after Dong was cleared of suspected involvement in the anti-graft investigation into retired Chinese security chief Zhou Yongkang, according to the newspaper. Dong, 53, had invested in several blockbuster movies including the Oscar-winning martial arts epic “Crouching Tiger, Hidden Dragon”.
Both Alibaba Group and Dong did not reply to inquiries by reporters.
In March, ChinaVision received an investment of 6.2 billion yuan (US$990.53 million) from Alibaba Group in a deal that has yet to be approved by shareholders.
Dong is well known for his astute financial deals that have earned him quite a fortune. In 2005, he bought Universal Holdings Ltd., now known as China Jiuhao Health Industry Corp. Ltd. (00419.HK), and sold it after two years for a profit of HK$221 million (US$28.5 million).
The businessman is now working closely with Alibaba in pushing the group’s forays in the cultural sector, the report said.
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