Alibaba Commits $640 Million To Hong Kong’s Film And TV Industries

(CTN News) – HK$5 billion ($640 million) has been committed by Alibaba, a Chinese e-commerce and entertainment conglomerate, to developing Hong Kong’s film and television industry over the next five years.

The move was announced during a conference attended by Fan Luyuan, chairman and CEO of Alibaba’s digital media unit, and Kevin Yeung, secretary of culture, sports, and tourism for Hong Kong, on the first day of FilMart, an international rights market for Asian businesses.

In addition to film production and distribution, rights acquisitions, television series production, concert investments, collaboration with performance venues, and talent development, Alibaba’s Hong Kong Cultural and Art Industry Revitalization Program focuses on film production and distribution.

As well as coproducing films for cinemas, television dramas, and dramas for streaming platforms, numerous leading local film and television companies will also participate,” Yeung indicated.

A second headquarters for digital media unit is expected to be established in Hong Kong as well. The Hong Kong stock market has already listed Alibaba Pictures, a subsidiary that contains some of media assets but not Youku.

During FilMart, Alibaba is expected to announce a variety of deals with Hong Kong companies. A variety of Hong Kong firms, including Edko Films, BenXiaoHai Media, Mandarin Motion Pictures, Huanxi Media Group, Media Asia Group, Universe Entertainment and Culture Group, Meiya Entertainment, One Cool Group, TVB, Shaw Brothers Pictures, and Emperor Motion Pictures, have been involved in the development of the plan.

Additionally, Alibaba will fund scholarships for 20 filmmakers attending the Academy of Film at Hong Kong Baptist University.

The HK$5 billion allocated by Alibaba for projects has already been spent.

“Forensic Heroes VI: Redemption,” “The Heir to the Throne,” “Dark Side of the Moon,” “Prism Breaker,” “Fearless,” “Dark Chase,” and “Behind the Queen of Yarn” are among the drama series Youku has announced.

One Cool Film’s “The Trier of Fact” and “The Last Dance,” both Hong Kong feature films that Pictures will finance, “Customs Frontline,” “In the Light of Dark,” “Behind the Scene,” “Invincible Swordsman,” “Without Remorse,” “Endless Battle 2,” “The Grey Men” and “My Date With a Vampire” are among the Hong Kong feature film projects that Alibaba Pictures will finance.

A Guilty Conscience, Jack Ng’s 2023 courtroom drama film, was previously an Alibaba investment, becoming Hong Kong’s highest grossing Chinese-language film.

SEE ALSO:

Chinese Create a Gold Rush as Property Prices Crash in China