Alibaba’s media arm to invest HK$5 billion in Hong Kong’s entertainment sector over 5 years
Chinese multinational technology giant Alibaba has pledged to inject HK$5 billion into Hong Kong’s entertainment sector to finance promotion to an international audience. Hong Kong-made television dramas, films, events and training of young creatives will receive funding from video platform Youku, Alibaba Pictures and other businesses under the media arm of Alibaba, the company announced on Monday. The five-year project, dubbed the “Hong Kong Cultural and Art Industry Revitalisation Program,” would concentrate on film production and distribution, rights acquisitions and television series produ...