Alibaba, China’s e-commerce and entertainment conglomerate, said Monday that it is committing HK$5 billion ($640 million) over five years to the development of Hong Kong’s film and TV industries.
The move was announced on the first day of FilMart, the annual rights market for the Asian industries, at an event attended by Fan Luyuan, chairman and CEO of Alibaba’s digital media and entertainment unit, and Kevin Yeung, the Hong Kong government’s secretary for culture, sports and tourism.
