Alibaba to work with Wong Kar-wai on director's next films

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 12 million U.S. dollars and about 23 million U.S. dollars in the first six months of this year, down from almost 18 million U.S. dollars 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."