Alibaba Pictures : FURTHER DELAY IN DESPATCH OF CIRCULAR - MAJOR TRANSACTION IN RELATION TO THE ACQUISITION OF 100% EQUITY INTEREST IN GUANGDONG YUEKE SOFTWARE ENGINEERING COMPANY LIMITED (in PDF)

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in

reliance upon the whole or any part of the contents of this announcement.

(Incorporated in Bermuda with limited liability)

We refer to the announcements of Alibaba Pictures Group Limited (the "Company") dated April 21, 2015, May 11, 2015, May 29, 2015, June 2, 2015 and July 6, 2015 (the "Announcements") in relation to the acquisition of the entire equity interest (the "Acquisition")
in 廣東粵科軟件工程有限公司 (Guangdong Yueke Software Engineering Company Limited)
(the "Target Co mpany") by the Company's indirect wholly-owned subsidiary 中聯盛世文化
（北京）有限公司 (Zhong Lian Sheng Shi Culture (Beijing) Company Limited) (the
"Purchaser") from the vendors 廣東省計算技術應用研究所 (Guangdong Computation Technology Application Research Institute) and 廣東省科技創業投資有限公司 (Guangdong Technology Venture Investment Corporation Limited), through the PRC open bidding process
conducted by the Equity Exchange, the subsequent execution of the SPA and the Supplementary Agreement, and the delay in despatch of the circular relating to the Acquisition (the "Circular"). Unless otherwise defined, capitalized terms used herein shall have the same meanings as those defined in the Announcements.
This announcement is made pursuant to Rule 14.36A of the Listing Rules.

1

As disclosed in the announcement issued by the Company on July 6, 2015, the date of despatch of the Circular has been postponed to a date falling on or around July 28, 2015. However, further time is required to finalize relevant information in the Circular, including the finalization of the
required financial information due to the following reasons: (a) as previously announced on
July 6, 2015, the auditors engaged were only able to commence on-site auditing work from June 8, 2015; (b) as previously announced on July 6, 2015, given that the Circular could not be published by June 30, 2015, the accountant's report on the Target Company will need to cover two further periods of time in respect of which the financial figures are to be audited and reviewed (i.e. the quarter ended March 31, 2015 and the corresponding quarter in 2014 for comparison purpose, respectively) in addition to the three-year audit period, which necessitates additional time for the auditors to complete the work; and (c) the Company requires more time as originally envisaged to analyze the Target Company's historical financial information and finalize the required financial disclosure in the Circular.
The Company has applied for and been granted by the Stock Exchange a waiver under Rule
14.41(a) of the Listing Rules for further delay of despatch of the Circular. The Company and the Purchaser currently expect the Circular will be despatched to the shareholders of the Company on a date falling on or around August 14, 2015.
On behalf of the Board Alibaba Pictures Group Limited Shao Xiaofeng

Chairman

Hong Kong, July 28, 2015

As at the date of this announcement, the Board comprises Mr. Shao Xiaofeng, Mr. Liu Chunning and

Mr. Zhang Qiang, being the executive Directors; Mr. Li Lian Jie, being the non-executive Director; and

Ms. Song Lixin, Mr. Tong Xiaomeng and Ms. Zhang Yu, being the independent non-executive Directors.

2

distributed by