China’s Alibaba Commits $640 Million to Hong Kong Film, TV Development

Hong Kong’s lawmakers have unanimously passed a national security legislation, which will come into effect on March 23.

Patrick Frater Asia Bureau Chief Net profits at Tencent Music Entertainment, China’s largest digital music company, climbed 36% to reach $735 million (RMB5.22 billion) in 2023 – despite revenues declining by 2% to $3.91 billion. Fourth quarter profits were worth $198 million (RMB1.41 billion), earned from revenues 7% down at $971 million (RMB6.89 billion). The final figures cap a year in which the New York and Hong Kong listed subsidiary of Tencent saw monthly active user (MAU) numbers fall as it successfully organized the transition of a growing number of free users into paying subscribers. In the full year, revenues from music streaming subscriptions grew by 39% to $1.70 billion. That resulted from a 21% growth in the number of paying subscribers (from 88.5 million to 107 million) and a 20% increase in the average revenue per subscriber to RMB10.7 or $1.49.

Faye Bradley Actor Louis Koo is a household name in Hong Kong but off-screen, he’s an influential entertainment industry investor, producer and entrepreneur. Rising to prominence during the “golden age” of Hong Kong cinema, Koo built a respected career over the decades but less flashy are his businesses and investments. One Cool Group is one such revenue stream.

Variety Lounge at the 2024 Hong Kong International Film & TV Market (FILMART) emerged as a dynamic hub of creativity and insight. The studio played host to a series of illuminating interviews featuring prominent figures in the global film industry including European filmmaker Cristiano Bortone, producer and co-founder of boutique studio S11 Partners Ltd.

Patrick Frater Asia Bureau Chief Linmon Pictures, one of the most outward-looking mainland Chinese entertainment firms, is preparing premium series “Hate Coin.” The show is being produced in association with Jonathan Wong and Justina Shih’s production company Octagon Metatainment, a Hong Kong-based multimedia studio. “Hate Coin” is based on international best-selling novel “Second Sister,” by successful Hong Kong novelist Chan Ho Kei, whose previous book “The Borrowed” was a crime story that panned five-decades. The story follows the activities of a young woman whose school-age sister appeared to have committed suicide. Suspecting foul play, the woman trams up with a manipulative hacker and cybersecurity expert to try to dig deeper. “What follows is a cat and mouse game through the city of Hong Kong and its digital underground, especially an online gossip platform, where someone has been slandering Siu-Man.

This year’s Filmart was definitely bigger and busier than last year, which was the first physical edition following the reopening of Hong Kong and mainland China’s borders after the pandemic. According to Filmart organizers, the Hong Kong Trade Development Council (HKTDC), more than 750 exhibitors and 7,500 visitors attended this year’s Filmart, compared to around 700 exhibitors and 7,300 visitors in 2023. But despite frenetic meeting activity, the market did little to dispel fears that international sales business in the region, already in decline before the pandemic, is not yet recovering. International sales agents under the IFTA and European Film Promotion (EFP) umbrellas had packed meeting schedules.

Patrick Frater Asia Bureau Chief Hong Kong’s Film Development Council has unveiled the first shortlisted projects under its new scheme to develop content for streaming platforms. The Content Development Scheme for Streaming Platforms was announced last year. It aims to nurture cross-sectoral production teams and expand new distribution market and takes the form of a competition to recruit participating teams that develop a mini-series for streaming platforms.

Faye Bradley Faye Bradley Hong Kong Design Institute has announced the opening of a new virtual production studio at Shaw Studios, one of the biggest and most comprehensive film facilities in the Greater Bay Area. It is intended to support professional education in the sector and enhance filming facilities in the city.

Naman Ramachandran Shreyom Ghosh’s “The Vampire of Sheung Shui” is unique in that it is a Hong Kong-set horror-comedy with a protagonist of Indian origin. It has been selected for the 22nd Hong Kong — Asia Film Financing Forum (HAF), the project market that operates concurrently with FilMart. Written by D.F.W.

Patrick Frater Asia Bureau Chief “Escaping Man,” a Chinese drama feature about a man dragged into a kidnap plot, heads the FilMart slate of Hong Kong-based sales agency Autumn Sun Company. The protagonist is a man who spent 20 years in jail after being falsely accused of rape. After his release, he intends to confront the woman, but instead falls for her again — to the point that she is able to manipulate him into kidnapping the child for which she is the nanny.

Naman Ramachandran Acclaimed filmmaker Hong Khaou‘s “Walled City” has been selected for the 22nd Hong Kong — Asia Film Financing Forum (HAF), the project market that operates concurrently with FilMart. Khaou’s debut, “Lilting” (2014), starring Ben Whishaw and Cheng Pei-pei, premiered in the world cinema dramatic competition at Sundance, winning best cinematography. “Monsoon” (2019), his second feature, starred Henry Golding and premiered in competition at Karlovy Vary.

Chinese tech and media giant Alibaba is investing $640M (HK$5BN) into Hong Kong’s creative industries over the next five years.

Faye Bradley Hong Kong’s One Cool Film group has announced five new movies, revealed through exclusive teasers and posters on the opening day of FilMart. Upcoming films include “Love Lies,” starring Sandra Ng and M.C. Cheung Tinfu; “The Trier of Fact,” directed by Calvin Tong and featuring Louis Koo and Eddie Peng; “The Way We Talk,” produced, written and directed by Adam Wong, with Neo Yau, Chung Suet Ying and Ng Tsz Ho Marco in leading roles; “Good Game,” helmed by Dickson Leung, written by Lily He Xin and Sheng Ling Xiu Zhong, and starring Andrew Lam, Will Or and Yanny Chan; and “Behind the Shadows,” produced by Soi Cheang, directed by Jonathan Li and Chou Man Yu, and starring Koo, Chrissie Chou and Liu Kuan Ting.

Patrick Frater Asia Bureau Chief “Dune 2” launched in mainland China cinemas this weekend with a solid $19.9 million three-day haul. That put it in second place, narrowly behind holdover crime-drama “The Pig, the Snake and the Pigeon.” Data from consultancy firm Artisan Gateway, showed that “The Pig, the Snake and the Pigeon” earned $21.3 million (RMB151 million) between Friday and Sunday, for a 10-day cumulative of $54.1 million (RMB384 million).

Patrick Frater Asia Bureau Chief Leading South Korean sales company Finecut has picked up international sales rights to action comedy film “Boss.” It will launch the title at next week’s FilMart in Hong Kong. Directed by Ra Hee-chan (“Going by the Book,” “Mr. Idol”), the film follows gang members embroiled in fierce competition.

Seoul-based sales company Finecut has boarded international sales on the action-comedy Boss and will launch sales at this week’s Filmart in Hong Kong. 

As Filmart gets underway, Hong Kong’s major production companies, including Edko Films, Emperor Motion Pictures (EMP), Media Asia, One Cool Group and Universe Entertainment, will be unveiling their new titles in enormous booths at the front of the trade show floor, some of which will be as elaborate as film sets.

Patrick Frater Asia Bureau Chief COVID, changing money flows and a new superpower Cold War of sorts may have, over the past few years, helped to reduce the connections between the film and TV industries of China and the rest of the world — so, will the 2024 edition of FilMart, whose organizers continue to claim bridgehead status, be the market to increase those connections? Candas Yeung, the Trade Development Council associate director who takes over as head of FilMart this year, says that visitor and exhibitor numbers have crept up again this year — to an anticipated 7,500 and 715, respectively — and that fully 40% of market participants hail from mainland China. “That’s a pretty significant proportion and they are very active in the market, both buying and selling, and making some announcements,” Yeung says.

Asian Film Awards. The 17th edition of the prizes was held at the Xiqu Centre, part of the West Kowloon Cultural District in Hong Kong. While “Evil Does Not Exist” and Korean blockbuster “12.12: The Day” had dominated the nominations with six each, including those in the best film category, the prizes on Sunday were much more evenly distributed.

Patrick Frater Asia Bureau Chief Oscar contenders and Berlin prize-winners will be among the European films being represented by visiting companies to FilMart that are making use of the European Film Promotion umbrella stand within the annual Hong Kong market. In total 29 European film sales companies are making the trip, including more than a dozen from France under the Unifrance banner. Prominent rights brokers include Charades, Goodfellas, Fandango and Filmax.