Alibaba media arm to invest HK$5 billion in Hong Kong’s film and culture sectors over 5 years
- Alibaba division will partner with notable Hong Kong and mainland Chinese companies to produce film and television content, while also nurturing fresh talent
- Official welcomes investment, while Federation of Hong Kong Filmmakers spokesman Tenky Tin says funding is largest he can recall by private sector
Under the plan announced on Monday, Alibaba Digital Media and Entertainment Group will partner with notable Hong Kong and mainland Chinese companies to produce film and television content, while also nurturing fresh talent.
Alibaba’s film company under the division also said it would set up an office in the city as its second base.
Secretary for Culture, Sports and Tourism Kevin Yeung Yun-hung, who was officiating a ceremony for the launch of the programme, said he was pleased to see Alibaba pursuing the plan to help revitalise the industries.
“We eagerly hope that Alibaba Digital Media and Entertainment Group will work more closely with the film and TV industry of Hong Kong to develop new modes of cooperation and explore business areas, to nurture new talent and to create rich and diversified content for film and TV, which will bring the development of our film and TV entertainment industry to the next level,” he said.
The firm’s parent company, Alibaba Group, owns the South China Morning Post.
Dubbed the “Hong Kong Cultural and Art Industry Revitalisation Program”, the plan will include partnerships with Shaw Brothers Pictures, Television Broadcasts, Emperor Motion Pictures, Media Asia Group, Mandarin Motion Pictures, BenXiaoHai Media Co and Huanxi Media Group.