The entertainment unit of Alibaba (9988) plans to invest at least HK$5 billion in the coming five years to revitalize culture and art in Hong Kong working with local producers such as Television Broadcasts (0511) and Emperor Motion Pictures.
Dubbed as the Hong Kong Cultural and Art Industry Revitalization Program, Alibaba Digital Media and Entertainment Group, which includes film unit Alibaba Pictures (1060) and online video platform Youku among others intends to invest in four major areas, namely Hong Kong dramas, films, performances and nurturing young talent.
Under the program, Alibaba Pictures will build its second headquarters in Hong Kong and team up with Hong Kong Baptist University to provide scholarships to 20 young filmmakers.
The firm earlier invested in Jack Ng Wai-lun's 2023 court film A Guilty Conscience, the highest-grossing local film ever.
Youku will collaborate with TVB to produce three new dramas including a sequel to popular drama The Queen of News with the original cast, which is expected to start early next year.
Shares of Alibaba and Alibaba Pictures gained 2.2 percent and 4.8 percent respectively yesterday while TVB surged nearly 9 percent.
In other areas, Alibaba will roll out a new employee incentive plan in April that combines equity with cash, a significant adjustment designed to help the e-commerce giant attract and retain talent despite fierce competition.
The Hangzhou-based company told employees the changes are aimed at "improving the certainty and liquidity" of its compensation.
And starting April 1 staff get "long-term cash" in addition to stock options.
