Alibaba, China’s e-commerce and entertainment powerhouse, announced Monday that it will invest HK$5 billion ($640 million) over five years to boost Hong Kong’s film and television sectors.

The decision was revealed on the first day of FilMart, Asia’s annual rights market, at an event attended by Fan Luyuan, Chairman and CEO of Alibaba’s digital media and entertainment subsidiary, and Kevin Yeung, Hong Kong’s secretary for culture, sports, and tourism.

Alibaba’s Hong Kong Cultural and Art Industry Revitalization Program “will focus on film production and distribution, rights acquisition, TV series production, concert investments, collaboration with performance venues, talent development, and so on.” It will also collaborate with prominent local film and TV firms to co-produce films for theaters, TV dramas, and streaming platforms,” Yeung stated.

READ MORE: Alibaba To Invest $640 Million In Hong Kong’s Entertainment Industry

He also expects Alibaba’s digital media section to establish a second headquarters in Hong Kong. Alibaba Pictures, a subsidiary that owns some of Alibaba’s media assets but not the Youku streaming platform, is already listed on the Hong Kong stock exchange.

Alibaba is likely to announce a variety of deals with a few Hong Kong companies during FilMart. The plan is said to have been developed by Alibaba’s digital media and entertainment unit, as well as Hong Kong firms such as Edko Films, BenXiaoHai Media, Mandarin Motion Pictures, Huanxi Media Group, Media Asia Group, Universe Entertainment and Culture Group, Meiya Entertainment, One Cool Group, TVB, Shaw Brothers Pictures, and Emperor Motion Pictures.

READ MORE: After Hollywood Strikes, L.A. City Council Decides To Speed Up Film And Television Production

Alibaba will also provide scholarships to 20 filmmakers studying at Hong Kong Baptist University’s Academy of Film.

Some of Alibaba’s HK$5 billion has already been set aside for initiatives. Youku has announced that it will support several TV dramas, including “Forensic Heroes VI: Redemption,” “The Heir to the Throne,” “Dark Side of the Moon,” “Prism Breaker,” “Fearless,” “Dark Chase,” “Behind the Queen of Yarn,” and “Golden Era.”

Alibaba Pictures will finance the following Hong Kong feature film projects: “The Trier of Fact,” “The Last Dance,” both from One Cool Film; “Customs Frontline,” “In the Light of Dark,” “Behind the Scene,” “Invincible Swordsman,” “Without Remorse,” “Endless Battle 2,” “The Grey Men 2,” and “My Date With a Vampire.”

Alibaba had previously invested in Jack Ng’s 2023 courtroom drama film “A Guilty Conscience,” which became Hong Kong’s highest-grossing Chinese-language film of all time.

“Filmmakers who are rooted in the city’s culture, possess a blend of Eastern aesthetics and international perspective will be the key to maintaining our distinctive competitiveness in the global motion picture market,” Jie Li, the chief executive officer of Alibaba Pictures, stated.

“We will support a new generation of Hong Kong actors, allowing more creative talents from Hong Kong to thrive in Mainland China and provide greater opportunities for young talent, while at the same time, preserving and continuing Hong Kong’s unique pop culture,” Ying Xie, Youku’s VP, said at the trade show.