Alibaba Group Holding intends to invest HK$5 billion ($640 million) over the next five years in Hong Kong’s film and TV industries through its Digital Media and Entertainment Group, aiming to bolster collaboration with the city’s entertainment sectors and rejuvenate its cultural landscape. The investment will primarily focus on acquiring copyrights and TV series, film production, venue construction, and talent education. This move aligns with Alibaba’s strategy to leverage Hong Kong’s potential for growth within its media and entertainment businesses, exemplified by the success of Youku's Hong Kong TV drama The Queen of News.