(Forbes) A company 95% owned by China starlet Zhao Wei plans to pay $440 million for a 29% in a Shanghai-listed business and help build up its entertainment business.
Tibet Longwei Culture & Media signed a stock purchase agreement on Dec. 23 to acquire 29% of Zhejiang People Culture, which currently produces mobile animated content. Zhao plans to reorganize the company in the next 12 months and expand its business, Zhejiang People Culture said in a statement.
Zhao, who is also known as Vicki Zhao, and her brother Zhao Jian own 1.5% and 8% of Shenzhen-listed Zhejiang Talent Television and Film. Zhao’s husband Huang Youlong has investments in four Hong Kong listed companies: Jin Bao Bao Holdings, Sino Golf Holdings, Alibaba Pictures Group, and Yunfeng Financial Group.
Source: Forbes by Russell Flannery