Alibaba Pictures, a subsidiary of China's biggest e-commerce company Alibaba Group, is planning to invest one billion yuan in a project to support young filmmakers worldwide for three years.
The initiative - a partnership between Alibaba Pictures, Youku Tudou Inc, Beijing Film Academy and the Communication University of China - will groom filmmakers under 45-years- old across the world, said Zhang Qiang, CEO of Alibaba Pictures.
Selected candidates will get an opportunity to work under one of three noted mentors of film-making: Anthony LaMolinara, winner of visual effects of the 77th Annual Academy Awards, Hollywood director Renny Harlin and Chinese director Zhang Yibai.
The one billion yuan (about USD 157 million) initiative will also provide opportunities for talent in animation, film design, special effects and comedy, sate-run Xinhua news agency quoted Zhang as saying.
Alibaba Pictures Group is a Chinese film company which was formerly known as ChinaVision Media. Alibaba Group bought a majority stake of the company late last year and renamed it as Alibaba Pictures Group.
By June this year it was the largest Chinese film company by worth, with a market value of USD 9.6 billion.