BEIJING, March 11 (Xinhua) -- China's largest e-commerce company Alibaba has agreed to buy a controlling stake in the Hong Kong-listed ChinaVision Media Group Limited, the latter said in a statement Tuesday.
Alibaba agreed to buy a total of 12.49 billion existing and new shares in ChinaVision for 6.24 billion HK dollars (804 million U.S. dollars) to raise its holding to 60 percent, according to the statement.
The price was set at 0.5 HK dollar per share, which was 20.63 percent lower than the closing price of Feb. 24.
Trading of the group's shares was suspended on Feb. 25 and will resume on Wednesday, according to the statement.
ChinaVision Media Group is an integrated cultural corporation with business focus on TV and film production, print media and mobile new media.
Alibaba's chairman Ma Yun said last December that the company would put money and time into health, culture and education sectors in the next 10 to 20 years.