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Alibaba Group Holding Ltd (NYSE:BABA) has embarked on an ambitious multibillion-dollar initiative to revitalize Hong Kong’s culture and film sectors, aiming to catapult local productions into the global arena once again.
Industry experts, however, express concerns about the city’s ability to compete on the world stage.
The Chinese e-commerce behemoth’s entertainment and media division has committed to investing at least HK$5 billion ($639.3 million) over the next five years, significantly boosting investor confidence in these industries, SCMP reports.
Also Read: Alibaba Amplifies AI Investment, Valuing MiniMax Over $2.5B in Latest Financing Round
According to Crucindo Hung Cho-sing, chairman of the Hong Kong Motion Picture Industry Association, this investment significantly boosts the local movie industry, which has been struggling with an aging workforce.
Alibaba Digital Media and Entertainment Group has announced collaborations with prominent Hong Kong and mainland companies to produce film and television content and foster new talent within the industry.
The “Hong Kong Cultural and Art Industry Revitalisation Program” aims to support the development of local series, films, and performances while backing young creatives through investments in Hong Kong-made TV dramas, movies, and events.
Despite the ambitious plans, industry veterans like Hung acknowledge the challenge of restoring Hong Kong’s film sector to its golden age, aiming to increase movie production significantly.
Charles Cheung Chi-wai from Baptist University and lawmaker Kenneth Fok Kai-kong highlight the scheme’s potential to foster new filmmakers, create jobs, and celebrate the ‘Hong Kong flavor.’
Alibaba is going all out to unlock shareholder value as its logistics and cloud arm IPOs succumbed to market weakness. The company remains aggressively invested in its artificial intelligence ambitions.
Investors can gain exposure to Alibaba via FlexShares Trust FlexShares ESG & Climate Emerging Markets Core Index Fund (NYSE:FEEM) and Global X Artificial Intelligence & Technology ETF (NASDAQ:AIQ).
Price Action: BABA shares were up 0.32% to $76.30 premarket at last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Wikimedia Commons
