Chinese tech and media giant Alibaba is investing $640M (HK$5BN) into Hong Kong’s creative industries over the next five years.
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. The film outfit also said it would fund scholarships for 20 filmmakers studying at the Hong Kong Baptist University Academy of Film. “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 Li Jie. “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 Xie Ying.
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