(Yicai Global) Dec. 10 -- Alibaba Group will increase its stake in Alibaba Pictures Group from 49 percent to 50.9 percent, according to a statement from the Hangzhou-based firm.

Under the agreement, Alibaba Pictures [HKG:1060] will issue one billion new shares to Alibaba [NYSE:BABA] at a price of HKD1.25 (CNY1.1) per share, raising a total of HKD1.25 billion. After the transaction is completed, Alibaba will gain substantial control over Alibaba Pictures and hold the majority of board seats.