Alibaba's Movie Unit Books $54 Million Net Loss

Alibaba Picture, the film studio owned by Chinese tech giant Alibaba, had a rough year. Alibaba's flagship entertainment company, which is listed on the Hong Kong stock exchange, racked up a net loss of $53.56 million in 2014, down from a profit of $24 million a year earlier. The group saw revenues of $16.33 million during the year, down from $45.1 million in 2013, with income coming, in part, from stakes in Peter Chan 's Dearest and Ning Hao 's Breakup Buddies , as well as the TV drama Bayonet Hero .