Chinese language tech and media big Alibaba is investing $640M (HK$5BN) into Hong Kong’s inventive industries.
The funding will come by way of a number of divisions in Alibaba’s Digital Media and Leisure Group, together with Alibaba Footage and streaming platform Youku.
The plan, known as the “Hong Kong Cultural and Artwork Business Revitalisation Program,” is a joint initiative of Alibaba and main Hong Kong manufacturing corporations together with Edko Movies, Mandarin Movement Footage, Media Asia, Universe Leisure, One Cool Group, Shaw Brothers and Emperor Movement Footage.
Beijing-headquartered Alibaba Footage additionally stated it could make Hong Kong its second headquarters.
“Filmmakers who’re rooted within the metropolis’s tradition, possess a mix of japanese aesthetics and worldwide perspective would be the key to sustaining our distinctive competitiveness within the international movement image market,” stated Alibaba Footage’ President Jie Li.
“We’ll help a brand new technology of Hong Kong actors, permitting extra inventive abilities from Hong Kong to thrive in mainland China and supply better alternatives for younger expertise, whereas on the similar time, preserving and persevering with Hong Kong’s distinctive popular culture,” stated Youku Vice President Ying Xie.
The plan was introduced at an occasion on the primary day of Filmart, which was closed to worldwide press.
Later within the day, Alibaba introduced a strategic partnership with Media Asia to “promote the event of younger artists, endorse the financial and cultural prosperity of the Guangdong-Hong Kong-Macau Higher Bay Space, nurture a brand new technology of stars, promote expertise growth, and inject new vitality and creativity into the cultural and leisure sectors.”
The partnership entails a three way partnership for brand spanking new administrators, which is co-financing initiatives together with thriller thriller Behind The Scene, directed by David Lee Kwong Yiu and produced by Andrew Lau; Born Evil Seed, directed by Nick Cheuk (Time Nonetheless Turns The Pages); and The Different One from Fung Chih Chiang (A Witness Out Of The Blue).
The 2 corporations additionally introduced two co-productions: Zhang Mo’s Within the Mild Of Darkish and Wang Jing’s Fading Tracks.
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