Alibaba continues to make waves* in China’s entertainment sector.

    Entertainment trade publication, Variety, is reporting that the Chinese e-commerce giant revealed it is working with renowned “Grandmasters” director Wong Kar-wai on his upcoming films.

    A spokesperson for Wong confirmed the deal with Alibaba, adding that details will be announced in the near future.

    The deal was revealed in a regulatory filing by Chinavision, the Hong Kong stock exchange-listed production company that will soon be renamed Alibaba Pictures Group, according to the publication.

    However, the filing also revealed that not all things are rosy* at Chinavision. The production company is warning that it has lost between US$12 million and about US$23 million in the first six months of this year, down from almost US$18 million in profits over the same time period last year.

    Still, Chinavision issued a statement saying that Alibaba’s ownership of the company will transform it from a “humble” enterprise to “part of a budding entertainment colossus*.”(SD-Agencies)