The Hong Kong International Film and TV Market, known as FILMART, is Asia's largest marketplace for film and entertainment and provides an opportunity for stakeholders in the industry to network and find new partners and projects.

The four day FILMART event, which opened on Monday, is offering a total of 10 arts and cultural events that showcase the best of Hong Kong's film, TV, digital, and music entertainment.

At the event, Alibaba Digital Media and Entertainment Group, or ADME Group, announced the launch of the Hong Kong Cultural and Art Industry Revitalisation Program.

Alibaba's entertainment arm says it will invest over 639 million U.S. dollars into Hong Kong's film and television industry over the next five years. "In the future, we still need more new faces to keep up with the times and create a new generation of memories. Only in this way can the flavor of Hong Kong be passed down and continue on. We are willing to work with everyone for the new generations' growth - provide a stage, good scripts, build a good team, and cultivate budding talent, so that Hong Kong can spread globally and shine all around the world," said Fan Luyuan, Chairman and CEO of Alibaba Digital Media and Entertainment Group.

Meanwhile, streaming platform Youku, another Alibaba subsidiary, has been enjoying success with its streaming series "Newsroom Queen" set in Hong Kong.

Co-produced with local television company, TVB, and with a sequel in the works, the show is at the vanguard of what are being called "new Hong Kong dramas".

Youku has been collaborating with TVB since 2013 and has also collaborated with other companies like Media Asia and Shaw Brothers in recent years. Youku hopes to expand its operations to bring in a new generation of directors, studios and subject matters.

"I think the future is about developing together, which might trend towards a win-win advantage. Actually Hong Kong and the mainland have different advantages. When Hong Kong returned to China, a huge group of talent, including directors and producers, went to the mainland and drove the development of film and television production there. As for how the mainland is complementary, our market is much bigger than Hong Kong, with material there are more stories to tell with more content options to work with, funding is relatively stronger, and technology is more sufficient," said Xie Ying, vice president of Youku.

Aside from the conferences and forums, FILMART draws over 700 exhibitors from 30 countries and regions, with events running on the sidelines such as the Hong Kong - Asia Film Financing Forum.