Alibaba Pictures Group Ltd, the film and entertainment unit of Alibaba Group Holding Ltd, plans to sell 4.2 billion shares at HK$2.90 apiece to raise HK$12.18 billion (US$1.57 billion) to finance media-related acquisitions, according to a regulatory filing. The price represents a 13% discount to its last close before the announcement. In 2014, Alibaba acquired […]

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Hong Kong Customs have closed a suspected cannabis-growing centre in Yuen Long, seizing 75 suspected cannabis plants valued at about $1.34 million.

After a tip-off, officers stopped a man in Yuen Long yesterday evening, and escorted him into a warehouse where they found the plants and arrested the man.

Officers found about 487 grams of suspected cannabis in the warehouse and the man’s car.

The 42-year-old unemployed man was arrested for suspected cannabis cultivation and drug trafficking.

The maximum penalty for growing cannabis is 15 years in prison and a $100,000 fine, while that for drug trafficking is life imprisonment and a $5 million fine.

Wuhan city-based real time public transportation tracking app Chelaile has completed US$15 million series B round of financing led by China Broadband Capital (CBC), according to Chinese media reports. Existing investor Alibaba Group Holdings also participated in the round. Launched in 2013, Chelaile previously received angel investment from Shunwei Capital and Zhen Fund, as well […]

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