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China’s Alibaba Commits $640 Million to Hong Kong Film, TV Development
During FilMart, China’s Alibaba commits $640 million to development of Hong Kong's film and TV industry development.
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 the Hong Kong government’s Secretary for Culture, Sports and Tourism, Kevin Yeung. Youku said it is backing TV dramas, including “Forensic Heroes VI: Redemption,” “The Heir to the Throne,” “Darkside of the Moon,” “Prism Breaker,” “Fearless,” “Dark Chase,” “Behind the Queen of Yarn” and “Golden Era.”
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