07:58 AM EDT, 03/12/2024 (MT Newswires) -- Alibaba Group Holding's ( BABA ) wholly-owned media and entertainment unit will spend 5 billion Hong Kong dollars ($639.1 million) over the next five years in Hong Kong's television, film, and cultural events industries, the company said Monday in a report on its official news outlet, Alizila.

The funds will be invested in Youku, Alibaba Pictures, and other businesses in Alibaba's ( BABA ) Digital Media and Entertainment Group, the company said.

As part of the plan, dubbed "Hong Kong Cultural and Art Industry Revitalization Program," Beijing-based Alibaba Pictures will establish Hong Kong as its second headquarters.

Alibaba ( BABA ) shares were up more than 2% in recent Tuesday premarket activity.

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