Alibaba to invest $640m in Hong Kong entertainment industry

HONG KONG -- China's Alibaba Group Holding said Monday that it will invest at least 5 billion Hong Kong dollars ($640 million) in Hong Kong's entertainment sector over the next five years to support and strengthen the production of movies and other visual content.

The announcement was made at the Hong Kong International Film and TV Market (Filmart), a large film and video trade show that kicked off in the city on Monday. The e-commerce giant said the support will be used for producing films, television dramas and other visual arts, as well as for developing human resources, including scholarships for students studying filmmaking.