Many local businesses are looking forward to invest in the movie industry following reports that prominent Chinese businessmen have poured in large capital in the industry.
Want Daily reported that Alibaba Pictures Group Limited is currently filming a movie, starring Tony Leung, under the helm of well-known Hong Kong film director Wong Kar-wai.
The paper said that Alibaba's new film is a follow-up to the success of its two projects last year: "Dearest" and "Breakup Buddies." The two movies were well received by audiences.
Alibaba has also reportedly signed deals with Hong Kong actor Stephen Chow, Hong Kong movie director and producer Peter Chan, and Taiwan TV producer Angie Chai, investing at least 50 million yuan ($7.99 million) for a five-movie contract with each of them.
The film outfit is owned by Jack Ma, Alibaba founder and executive chairman, who acquired the ChinaVision Media Group for 4.7 billion yuan ($751 million) and renamed it Alibaba Pictures Group Limited.
The Want Daily report also mentioned Robin Li, chairman of Chinese Internet portal Baidu, who has invested in a movie production firm based in Los Angeles last year. Its first movie investment, "20 Once Again," raked in 270 million ($43.17 million) at the box office.
The paper said that Li's Baidu has reportedly established a branch in the film industry, selling tickets online.
Leading Internet company Tencent has also purchased rights to produce movies, which include six animated films and a film adaptation of Nobel Literature Prize laureate Mo Yan's book "Cang Bao Tu."
The Chinese government is encouraging entrepreneurs to invest in movie-making. Last year, a finance official announced that the government is willing to provide 100 million yuan a year to help subsidize the production of five to 10 movies.