Mar 14, 2024 04:11 AM

BUSINESS

Alibaba Plans $640 Million Investment in Hong Kong’s Entertainment Industry

By Guan Cong, Wen Simin and Han Wei

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What’s new: Alibaba Group Holding Ltd. plans to invest HK$5 billion ($640 million) over the next five years into the film and TV industries in Hong Kong.

Alibaba’s Digital Media and Entertainment Group, one of its six business divisions, unveiled the investment plan Monday, committing closer cooperation with Hong Kong’s entertainment sectors to invigorate businesses in the city.

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