Damai Entertainment Holdings (HKG:1060), formerly Alibaba Pictures Group, said its name change has officially taken effect following approvals from registrars in Bermuda and Hong Kong, according to a late-Wednesday Hong Kong bourse filing.

Shares of the company were down about 2% in Thursday afternoon trade.

The company will also change its stock short name on the Hong Kong bourse from "ALI PICTURES" to "DAMAI ENT" in English starting July 2. The stock code 1060 will remain unchanged.

Existing share certificates under the old name will remain valid for trading and settlement, the company said.