Announcement from Alibaba Pictures Group Co., Ltd.

Following the news that Alibaba subscribed for approximately 60 shares of "Cultural China" in March 2014, "Cultural China" officially issued an announcement on May 23, 2014, proposing to change the company's name to "Alibaba" Film Group Co., Ltd." and will be voted by independent shareholders at the special general meeting of shareholders to be held on June 16, 2014, on the issuance of new shares, Alibaba's subscription, change of company name and appointment of directors.

Content to be voted on

The announcement shows that "Cultural China" plans to issue 20 billion new shares this time, bringing the total share capital to 30 billion shares. In March 2014, Alibaba signed a subscription agreement with "Cultural China" and planned to subscribe for approximately 12.488 billion new shares of "Cultural China" for HK$6.244 billion. If the subscription agreement is successfully passed and implemented, Alibaba's shareholding ratio will reach 59.83, and the joint shareholding ratio of the two executive directors of "Cultural China" - Dong Ping and Zhao Chao will drop from 26.80 to 10.77. However, because these two people are regarded as As Alibaba's "person acting in concert", it is equivalent to Alibaba's voting rights in "Cultural China" being expected to reach 70.6, becoming the controlling shareholder of "Cultural China".

In terms of company name, the shareholders' meeting recommended that the company's English name be changed from "ChinaVision Media Group Limited" to "Alibaba Pictures Group Limited" and the Chinese name "Alibaba Pictures Group Co., Ltd." be adopted as the second name. name, replacing the existing Chinese name, and the company is still registered in Hong Kong.

In addition to the name change, according to the subscription agreement, 4 of the 6 directors of "Cultural China" (namely, non-executive director Jiang Muxian, independent non-executive directors Chen Jing, Jin Huizhi, and Li Zexiong) must complete the subscription After resigning, Shao Xiaofeng, chief risk officer of Alibaba Group, and Zhang Wei, senior vice president of Alibaba Group, will serve as executive directors. Liu Chunning, head of Alibaba's digital entertainment business, will serve as non-executive directors. He has had many discussions with Jack Ma on the "One Foundation" charity The movie star Jet Li, who was exchanged for the first time, will serve as an independent non-executive director.