ChinaVision becoming Alibaba Pictures

Alibaba Group Holding Inc, the Chinese e-commerce conglomerate that recently filed for its initial public offering in the United States, is making a foray into the entertainment and film industry, according to a company it recently acquired.

ChinaVision Media Group Ltd, in which Alibaba purchased a 60 percent stake for $804 million in mid-March, announced that a general meeting of shareholders suggested it change its name to Alibaba Pictures Group Ltd, according to a statement it released Friday.

The Hong Kong-listed company has a varied business portfolio, ranging from print media to television and films to mobile games. Members of the company's board of directors have also been revealed. They include Liu Chunning, president of Alibaba Digital Entertainment Group, Shao Xiaofeng, chief risk officer at Alibaba, and movie star Jet Li, a close personal friend of Alibaba founder Jack Ma.