Alibaba Pictures plans company name change

Shares of Alibaba Pictures (1060) jumped as much as 20 percent during afternoon trade on Wednesday, after the company proposed changing its name to enhance the brand awareness and refresh its brand strategy.

The shares reached as high as HK$0.73 at one point.

The Chinese film and entertainment unit of Alibaba (9988) said it plans to change its English name from “Alibaba Pictures Group Limited” to “Damai Entertainment Holdings Limited,” and to simultaneously change the secondary name in Chinese, according to an exchange filing.

The company said the change will further enhance brand awareness and refresh its brand strategy in the entertainment ecosystem, especially the offline entertainment market, while also providing it with a more relevant and distinctive corporate image and identity.

STAFF REPORTER