“We eagerly hope that Alibaba Digital Media and Entertainment Group will work more closely with the film and TV industry of Hong Kong to develop new modes of cooperation and explore business areas, to nurture new talent and to create rich and diversified content for film and TV, which will bring the development of our film and TV entertainment industry to the next level,” he said.

The firm’s parent company, Alibaba Group, owns the South China Morning Post.

Dubbed the “Hong Kong Cultural and Art Industry Revitalisation Program”, the plan will include partnerships with Shaw Brothers Pictures, Television Broadcasts, Emperor Motion Pictures, Media Asia Group, Mandarin Motion Pictures, BenXiaoHai Media Co and Huanxi Media Group.

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Alibaba Digital Media and Entertainment Group said the investment aimed to support the development of the culture and entertainment industries by producing Hong Kong broadcast series, films and performances, while also supporting young talent.

“Alibaba Pictures’ second office will soon be officially established in Hong Kong,” said Alibaba Pictures president Jerry Li Jie, adding that the company hoped to show its confidence and determination in co-creating a new era of Hong Kong films through the investment.

Federation of Hong Kong Filmmakers spokesman Tenky Tin Kai-man said he could not recall a private sector operator making an investment of such an amount in the sector before.

“This is why I am saying this is very invigorating – it’s HK$5 billion. Even if it is just half of that amount, I would still be invigorated by this news,” he said.

Tin said industry players would be excited about the large-scale investment and engagement, but noted they still needed to see how the plan would be executed.

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Wong Kar-wai’s ‘Blossoms Shanghai’ TV series revitalises historic Shanghai road

Wong Kar-wai’s ‘Blossoms Shanghai’ TV series revitalises historic Shanghai road

Alibaba Digital Media and Entertainment Group will invest the HK$5 billion over the next five years.

Veteran filmmaker Tin said the investment would help increase the quantity and quality of local productions, as well as encourage talent to stay in or join the industry as they could be more confident in its future.

“Our greatest fear is that they say they will invest HK$5 billion, but we will not know how much is actually invested in the very end,” he said.

“Then there would be a very big effect on the industry, as this would change the confidence of the entire market.”

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Hong Kong’s Lunar New Year box office revenue this year fell by 24 per cent compared with the same period last year, hitting just HK$48.6 million, with Tin previously attributing the lacklustre performance to consumers heading overseas or to the mainland during the holiday period.

Total box office receipts last year reached HK$1.4 billion.

Under the nation’s latest five-year development plan, Hong Kong has been told to position itself as an East-meets-West centre for international cultural exchange.

In the budget address this year, the government announced it would inject HK$1.4 billion into its Film Development Fund.

Yeung noted that the city had been strengthening its cooperation with mainland China in the creative industries.

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Lawmaker Michael Tien Puk-sun said the Alibaba investment plan had great potential and investments would help the city retain talent.

He noted that shows produced in the city had influence in Asia and the mainland, but faced stiff competition from those made elsewhere.

Tien said that over the past year, the city’s television and film sectors had released several stand-out productions.

“The facts demonstrate that the East-meets-West exchange that you see in Hong Kong, where the unique Hong Kong flavour features elements from different Asian countries, is still attractive,” he said.