Alibaba Group Holding Limited (NYSE:BABA) plans to cut its stake in top film production studio Beijing Enlight Media Co., Ltd. (SZSE:300251). Hangzhou Ali Venture Capital Co. Ltd. will sell as much as 2% of its stake in Beijing Enlight Media through centralized bidding or block trading, according to a statement released by the latter to the Shenzhen Stock Exchange on September 04, 2019.

The transaction is expected to conclude within six months. Ali Venture Capital would be able to exchange the stake for around CNY 500 million.