Alibaba Pictures is on a mission

Cash-rich Alibaba Pictures Group Ltd made its first major move into Hollywood by investing in the next Mission: Impossible movie.

The film division of e-commerce giant Alibaba Group Holding Ltd has agreed to a deal with California-based Paramount Pictures to promote the Hollywood blockbuster in China, it said in a statement on Wednesday.

The Hong Kong-listed Alibaba Pictures will team up with Paramount in online ticketing, promotions and merchandising for Mission: Impossible - Rogue Nation in China.