China’s Alibaba Digital Media and Entertainment Group has announced its intention to invest ​​US$640 million in Hong Kong’s screen industry over the next five years.

It’s part of a newly established Hong Kong Cultural and Art Industry Revitalization Program—a joint-venture between Alibaba and Hong Kong-based prodcos including Edko Films and Universe Entertainment. 

Alibaba plans to co-produce projects with local studios in Hong Kong and mainland China that it will distribute theatrically and on TV/streaming platforms. To facilitate the extra business, Beijing-based Alibaba Pictures will open a second headquarters in Hong Kong. 

This new initiative was unveiled at the 28th-annual Hong Kong FilMart, an APAC-focused film market taking place this week. “Filmmakers who are rooted in the city’s culture, and who possess a blend of Eastern aesthetics and international perspectives, will be the key to maintaining our distinctive competitiveness in the global motion-picture market,” said Alibaba Pictures president Li Jie at the event, according to Deadline.

The Hong Kong Cultural and Art Industry Revitalization Program is intended to help stimulate the region’s creative industries by supporting activities like production, distribution, rights acquisition and concert organization. The fund will also be used for talent development, with Alibaba committing to scholarships for 20 aspiring filmmakers from the Academy of Film at Hong Kong Baptist University.

Alibaba also owns regional SVOD service Youku, which has released kids titles such as TeamTO’s Jade Armor, Dino Dan (Sinking Ship Entertainment) and a handful of preschool toons from Dandelooo over the past year.

Image courtesy of Simon Zhu via Unsplash.