HK-listed Alibaba Pictures rises most in over 3 weeks on launch of new toy brand

Reuters2021-05-14

** Shares of China's movie promoter and distributor Alibaba Pictures Group Ltd rise 3% to HK$1.03, on course for their best session since April 21

** Alibaba-backed company says it has launched a new brand called "Koitake" for the pop toys business, and formally named its Tmall sale site "Koitake Flagship Store" ()

** Says the company is preparing to roll out Koitake offline stores

** The Hong Kong Hang Seng sub-index tracking information technology firms slips 0.9%, and the Hang Seng Tech Index eases 0.7%

** The Hang Seng China enterprises index climbs 0.4%, and the benchmark index gains 1%

** By last close, the stock had gained 4.2% this year

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