ChinaVision Media Group, which will soon be renamed Alibaba Pictures Group, has signed production deals with Wong Kar Wai’s Block 2 Pictures, Angie Chai and Giddens Ko’s Star Ritz International Entertainment and Peter Ho-sun Chan’s We Pictures.
The deals emerged in a profit warning filed by ChinaVision on the Hong Kong Stock Exchange on Friday. ChinaVision is being rebranded as Alibaba Pictures Group, following ecommerce giant Alibaba’s acquisition of a controlling stake in the company in April.
Alibaba has also reportedly hired China Film Group vice president Zhang Qiang to head Alibaba Pictures Group. However the company has not confirmed or responded to the reports.
ChinaVision reported expected losses of $12.5m (HK$97m) to $23m (HK$180m) for the six months to June 30, 2014. However it added that losses were due to a lack of films released during this period, and that business was expected to pick up in the second half of the year.
“With the existing business cooperation arrangements in place and the reasons stated above, the board expects that the group will pick up its buisness activities in the second half of 2014,” the company said in the filing.
Block 2 Pictures has produced many of Wong Kar Wai’s films, including The Grandmaster and My Blueberry Nights, along with films directed by up-and-coming Taiwanese filmmakers such as Chang Jung-chi’s Touch Of The Light and Cheng Hsiao-tse’s Miao Miao.
Based in Taipei, Angie Chai and Giddens Ko are one of the hottest producer-director teams in the Chinese-speaking world following their smash hit You Are The Apple Of My Eye. Chai also produced mainland hits Tiny Times and Tiny Times 2 with writer-director Guo Jingming.
We Pictures produces films from Peter Ho-sun Chan, including his recent hit American Dreams In China, as well as other director’s films such as Aubrey Lam’s romantic comedy The Truth About Beauty. The company is currently producing Chan’s child kidnapping drama Dear Children.
Alibaba is gearing up for an IPO on the New York Stock Exchange later this year. The company valued itself at $130bn in a filing to US regulators.