内容摘要：The digital media and entertainment unit of tech heavyweight Alibaba Group Holding Ltd announced on

The digital media and entertainment unit of tech heavyweight Alibaba Group Holding Ltd announced on Monday that it plans to invest no less than HK$5 billion ($639.4 million) over the next five years to bolster the development of Hong Kong's culture and film industries.

The funds will be spread across Hong Kong-made TV dramas, movies, performances and cultivation of young talents, the company said. The investment is a part of broader plan to revitalize Hong Kong's once-flourishing entertainment sector.

Alibaba's video-streaming platform Youku will partner with a slew of local companies such as TVB, Shaw Brothers Pictures, and Media Asia Group to produce TV series.

The Beijing-based Alibaba Pictures, Alibaba's film arm, said its second headquarters will be located in Hong Kong. It has also signed a five-year strategic partnership with the Hong Kong Baptist University's Academy of Film to give scholarships to 20 young filmmakers.