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In a major reorganisation of the company's entertainment assets, Alibaba Holdings Group Ltd. has announced the formation of a new digital media group along with plans for a 10 billion yuan ($1.48 billion) fund for new projects. The move marks a total consolidation of Alibaba's media businesses, including Youku Tudou Inc., UCWeb Inc. and Alibaba Pictures Group Ltd. as well as the company's sports, games, literature, music and digital entertainment divisions. Yu Yongfu, former CEO of UCWeb, will become the chairman and CEO of the newly formed Alibaba Digital Media and Entertainment Group, reporting directly to Alibaba CEO Daniel Zhang.
New loans issued by Chinese banks rose to 1.4 trillion Chinese yuan ($206 billion) in June from 985.5 billion yuan ($150 billion) in May.
China’s aggregate financing dropped to 751.0 billion yuan ($115.2 billion) in April from 2.3 trillion yuan ($361 billion) in March.