Alibaba to invest $640m in Hong Kong entertainment industry

Alibaba to invest $640m in Hong Kong entertainment industry

FILE PHOTO: The logo of Alibaba Group is seen at its office in Beijing, China, January 5, 2021. REUTERS/Thomas Peter

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.