Alibaba's Media Arm To Invest $640 Mln In Hong Kong's Entertainment Industry

(RTTNews) - Chinese tech and media mogul Alibaba (BABA) has announced plans to invest $640 million to promote Hong Kong's entertainment industry over the next five years.

The funding will be made through multiple divisions in Alibaba's Digital Media and Entertainment Group, including Alibaba Pictures and streaming platform Youku.

The project, 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.

Alibaba Pictures also said it would make Hong Kong its second headquarters. It will also 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.

The investment was announced at an event on the first day of Filmart, which was attended by Fan Luyuan, Chairman and CEO of Alibaba's Digital Media and Entertainment Group, as well as Hong Kong government officials.