Chinese tech and media giant Alibaba is investing $640M (HK$5BN) into Hong Kong’s creative industries.
The funding will come via multiple divisions in Alibaba’s Digital Media and Entertainment Group, including Alibaba Pictures and streaming platform Youku.
The plan, called the “Hong Kong Cultural and Art Industry Revitalisation Program,” is a joint initiative of Alibaba and leading Hong Kong production companies including Edko Films, Mandarin Motion Pictures, Media Asia, Universe Entertainment, One Cool Group, Shaw Brothers and Emperor Motion Pictures.
Beijing-headquartered Alibaba Pictures also said it would make Hong Kong its second headquarters.
“Filmmakers who are rooted in the city’s culture, possess a blend of eastern aesthetics and international perspective will be the key to maintaining our distinctive competitiveness in the global motion picture market,” said Alibaba Pictures’ President Jie Li.
“We will support a new generation of Hong Kong actors, allowing more creative talents from Hong Kong to thrive in mainland China and provide greater opportunities for young talent, while at the same time, preserving and continuing Hong Kong’s unique pop culture,” said Youku Vice President Ying Xie.
The plan was announced at an event on the first day of Filmart, which was closed to international press.
Later in the day, Alibaba announced a strategic partnership with Media Asia to “promote the development of young artists, endorse the economic and cultural prosperity of the Guangdong-Hong Kong-Macau Greater Bay Area, nurture a new generation of stars, promote talent development, and inject new vitality and creativity into the cultural and entertainment sectors.”
The partnership involves a joint venture for new directors, which is co-financing projects including mystery thriller Behind The Scene, directed by David Lee Kwong Yiu and produced by Andrew Lau; Born Evil Seed, directed by Nick Cheuk (Time Still Turns The Pages); and The Other One from Fung Chih Chiang (A Witness Out Of The Blue).
The two companies also announced two co-productions: Zhang Mo’s In the Light Of Dark and Wang Jing’s Fading Tracks.
More soon…