(Yicai) March 11 -- A film producer under Alibaba Group Holding will earmark at least HKD5 billion (USD639.4 million) over the next five years to revitalize the movie and TV industry of Hong Kong.

Alibaba Pictures launched the Hong Kong Cultural and Art Industry Revitalization Program to tap into the potential of the local entertainment industry and to cultivate young talents, the content producer under the Hangzhou-headquartered e-commerce company announced at a press conference today.

The new program indicates Alibaba's deepening interest in stories and talent emerging from the special administrative region, a market the tech giant has been keeping an eye on for several years.

More specifically, Alibaba's video platform Youku will partner with local companies such as TVB, Shaw Brothers Pictures, Media Asia Group, Edko Films, and One Cool Group to produce TV series.

The firm already revealed some upcoming feature film titles, produced together with One Cool Group, Emperor Motion Pictures, and New Classics Media, such as The Trier of Fact, The Last Dance, and Customs Frontline.

Alibaba Pictures has been invited to join the Hong Kong Motion Picture Industry Association and the Federation of Hong Kong Filmmakers, said Li Jie, president of the firm. The company will locate its second headquarters office in the SAR, he added.

Moreover, Alibaba Pictures said it has reached a five-year strategic partnership with the Academy of Film of the Hong Kong Baptist University to give scholarships to 20 young filmmakers to support creative minds.

Editor: Emmi Laine