Can Alibaba’s HK$5 billion plan put Hong Kong films back on the global stage? Industry players say it’s possible

Alibaba Digital Media and Entertainment Group’s plan to spend billions on local film and culture sectors has boosted investor confidence, experts says

‘Alibaba’s five-year investment plan is a shot in the arm for Hong Kong’s movie industry, which is suffering from an ageing workforce,’ industry chief adds

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The entertainment and media arm of Alibaba will set aside at least HK$5 billion for the culture and film sectors over the next five years. Photo: Reuters

Published: 10:00am, 13 Mar 2024

Alibaba Group’s multibillion-dollar plan to invigorate Hong Kong’s culture and film sectors aims to thrust local movie productions back into the global limelight, but the city’s competitiveness is in doubt, industry players have said.

Sector chiefs also said the decision by the entertainment and media arm of Chinese e-commerce giant Alibaba to set aside at least HK$5 billion (US$639.3 million) for the industries over the next five years had boosted investor confidence.

“Alibaba’s five-year investment plan is a shot in the arm for Hong Kong’s movie industry, which is suffering from an ageing workforce,” Hong Kong Motion Picture Industry Association chairman Crucindo Hung Cho-sing said on Tuesday.

“This investment will be focused on Hong Kong, not mainland China, making the productions truly ‘made-in-HK’, highlighting local originality and creativity with a variety of genres. This will bring the city’s movies back to the international spotlight with creative works seeking to outshine the projects of South Korea.”

Alibaba Digital Media and Entertainment Group announced on Monday that it would partner with notable Hong Kong and mainland companies to produce film and television content, as well as nurture fresh industry talent.