From Nasdaq:

Chinese tech and media giant Alibaba plans to invest $640 million in the Hong Kong entertainment industry over the next five years. The project, named the “Hong Kong Cultural and Art Industry Revitalisation Program,” involves collaborations with leading production companies and initiatives to support local filmmakers and actors.

Alibaba Pictures will make Hong Kong its second headquarters and fund scholarships for filmmakers studying at the Hong Kong Baptist University Academy of Film. The aim is to nurture talent that blends eastern aesthetics with an international perspective, enhancing Hong Kong’s competitiveness in the global motion picture market.

At an event during the first day of Filmart, Alibaba announced the investment, which was attended by top executives from the company, including Fan Luyuan, Chairman and CEO of Alibaba’s Digital Media and Entertainment Group, and Hong Kong government officials. The initiative aims to support the growth of Hong Kong’s entertainment industry and preserve its unique cultural heritage.



Read more at Nasdaq: Alibaba’s Media Arm To Invest $640 Mln In Hong Kong’s Entertainment Industry