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Alibaba Pictures Group Ltd , the film and entertainment unit of China's largest ecommerce company, said on Thursday it plans to raise $1.6 billion in a share offering to select investors to finance media-related acquisitions. Alibaba Pictures plans to sell 4.2 billion shares at HK$2.90 each, putting the total deal at HK$12.18 billion ($1.57 billion), according to a Hong Kong stock exchange filing. Alibaba Pictures, previously known as ChinaVision Media Group, is flush with cash after raising nearly 5 billion yuan ($807 million) in 2014 from a massive share offering that put Alibaba in control of the company.

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By John Ruwitch PUTIAN, China (Reuters) – Criticized and even sued by luxury brand Gucci and others for facilitating the counterfeit goods trade, Chinese e-commerce giant Alibaba Group Holding Ltd has been quietly piloting a scheme to try to curb fakes at source. In the coastal city of Putian, in Fujian province, Alibaba is working with 17 shoe manufacturers to cultivate home-grown brands online, revitalize a flagging industry and offer would-be counterfeiters an alternative source of livelihood. Critics say the scheme is misguided and Alibaba should instead focus on scrubbing its online marketplaces of widespread listings of fakes.