Hong Kong FilMart’s Expansion Is Built on Hopes of China’s Entertainment Engagement

Patrick Frater Asia Bureau Chief Veteran Chinese director Zhang Yimou will be presented with a lifetime achievement award at the upcoming edition of the Festival of Far East Film in Italy’s Udine (April 24 – May 2). The lineup will include three films by Zhang: his 2023 political thriller “Under the Light” in its competition section; as well as “To Live” and “Raise the Red Lantern” in its restored classics section. The festival’s total lineup includes 74 films in total – 47 in competition and 28 out of competition) from 11 countries.

Patrick Frater Asia Bureau Chief Universal’s “The Fall Guy” will open in mainland Chinese cinemas next month, ahead of its debut in the U.S. and star Ryan Gosling’s native Canada. The film is set to release officially in China on April 30.

Patrick Frater Asia Bureau Chief ‘Kung Fu Panda 4’ opened on top of the mainland China box office in its first official week of release. But its debut was soft and led the market to one of its quietest weekends of the year. The Universal-DreamWorks Animation picture earned $14.7 million (RMB105 million) between Friday and Sunday, according to data provided by consultancy firm Artisan Gateway.

Patrick Frater Asia Bureau Chief China’s social media, games and video giant Tencent saw 2023 revenues advance by 10% to $84.6 billion (RMB609 billion). But its net profits slid to $16.3 billion (RMB118 billion), down from $26.3 billion a year earlier. The group is directly affected by weakness in the mainland Chinese economy, which has recovered only slowly since the end of the COVID pandemic, and by ongoing regulatory concerns.

Patrick Frater Asia Bureau Chief Net profits at Tencent Music Entertainment, China’s largest digital music company, climbed 36% to reach $735 million (RMB5.22 billion) in 2023 – despite revenues declining by 2% to $3.91 billion. Fourth quarter profits were worth $198 million (RMB1.41 billion), earned from revenues 7% down at $971 million (RMB6.89 billion). The final figures cap a year in which the New York and Hong Kong listed subsidiary of Tencent saw monthly active user (MAU) numbers fall as it successfully organized the transition of a growing number of free users into paying subscribers. In the full year, revenues from music streaming subscriptions grew by 39% to $1.70 billion. That resulted from a 21% growth in the number of paying subscribers (from 88.5 million to 107 million) and a 20% increase in the average revenue per subscriber to RMB10.7 or $1.49.

Patrick Frater Asia Bureau Chief “The Boy and the Heron,” the Oscar-winning animated feature film by iconic Japanese director Miyazaki Hayao, is finally to be given a release in cinemas in mainland China. The picture is scheduled to release in China on April 3, 2024, according to Alibaba Pictures. Tickets are already available on booking sites such as Maoyan and Alibaba’s Taopiaopiao.

Patrick Frater Asia Bureau Chief Previews for Universal Pictures and Dreamworks Animation’s “Kung Fu Panda 4” put the Chinese-themed film in fourth place at the mainland China box office, a week ahead of its official theatrical debut. Over the March 15-17 weekend, however, first and second places remained with holdover titles “The Pig, The Snake and the Pigeon” and “Dune: Part Two.” Taiwanese crime film “The Pig, The Snake and the Pigeon,” already playing on Netflix in territories outside China, topped the mainland China chart for the third successive weekend. According to data from consultancy Artisan Gateway, it earned $11.1 million (RMB79.1 million), for a cumulative of $73.2 million (RMB520 million).

Patrick Frater Asia Bureau Chief Linmon Pictures, one of the most outward-looking mainland Chinese entertainment firms, is preparing premium series “Hate Coin.” The show is being produced in association with Jonathan Wong and Justina Shih’s production company Octagon Metatainment, a Hong Kong-based multimedia studio. “Hate Coin” is based on international best-selling novel “Second Sister,” by successful Hong Kong novelist Chan Ho Kei, whose previous book “The Borrowed” was a crime story that panned five-decades. The story follows the activities of a young woman whose school-age sister appeared to have committed suicide. Suspecting foul play, the woman trams up with a manipulative hacker and cybersecurity expert to try to dig deeper. “What follows is a cat and mouse game through the city of Hong Kong and its digital underground, especially an online gossip platform, where someone has been slandering Siu-Man.

Patrick Frater Asia Bureau Chief Hollywood producer and financier Joseph Cohen (“Brokeback Mountain,” “12 Years A Slave,” “Sicario,” “La La Land”) is launching a new company in Hong Kong called MediaRealm Advisors Asia. It will provide consulting services to Asia-based institutional and professional investors looking to invest in American Entertainment Investors mainstream Hollywood movie projects. He is joined in the venture by Hong Kong and Tokyo based Adam Guy Orlebar Garrett.

Patrick Frater Asia Bureau Chief Orange Sky Golden Harvest, the multi-territory cinema operator, Wednesday warned that it would return to losses when it reports its 2023 losses. The announcement, made in a regulatory filing, came just days after the company denied that it was preparing to sell off its cinemas in Singapore, which represent the biggest component of its business.

Patrick Frater Asia Bureau Chief Hong Kong’s Film Development Council has unveiled the first shortlisted projects under its new scheme to develop content for streaming platforms. The Content Development Scheme for Streaming Platforms was announced last year. It aims to nurture cross-sectoral production teams and expand new distribution market and takes the form of a competition to recruit participating teams that develop a mini-series for streaming platforms.

Patrick Frater Asia Bureau Chief “Escaping Man,” a Chinese drama feature about a man dragged into a kidnap plot, heads the FilMart slate of Hong Kong-based sales agency Autumn Sun Company. The protagonist is a man who spent 20 years in jail after being falsely accused of rape. After his release, he intends to confront the woman, but instead falls for her again — to the point that she is able to manipulate him into kidnapping the child for which she is the nanny.

Patrick Frater Asia Bureau Chief China’s unprecedented economic and social transformation in the latter part of the 20th century has been picked over in dozens of movies by filmmakers ranging from Jia Zhangke to Wang Xiaoshuai. But with more than one billion people affected by China’s transformation, there is no shortage of personal stories and no end of ways to tell the tale. Sophomore filmmaker Huo Meng trains his eye on one of those stories in his second film, “The Wind Is Unstoppable,” which he is just finishing off.

Patrick Frater Asia Bureau Chief “Dune 2” launched in mainland China cinemas this weekend with a solid $19.9 million three-day haul. That put it in second place, narrowly behind holdover crime-drama “The Pig, the Snake and the Pigeon.” Data from consultancy firm Artisan Gateway, showed that “The Pig, the Snake and the Pigeon” earned $21.3 million (RMB151 million) between Friday and Sunday, for a 10-day cumulative of $54.1 million (RMB384 million).

Patrick Frater Asia Bureau Chief Chan Tai-lee, the screenwriter of many of the Ip Man martial arts action films, has written and directed upcoming action film “Fight for Tomorrow.” Mandarin Motion Pictures, which backed the film and is handling international rights sales, is using this week’s FilMart to launch the picture to international buyers. The production was assisted with finance from the Hong Kong Film Development Fund.

Patrick Frater Asia Bureau Chief Cora Yim and Benjamin Lin, both established indie producers of Chinese-language content, have joined forces to launch S11 Partners. It is partially backed by Medialink Group, an IP, distribution and brand licensing mini-conglomerate that is listed on the Hong Kong Stock Exchange. The pair, who previously worked on TV series “Taiwan Crime Stories,” are launching their venture at FilMart in Hong Kong with a slate of three feature films in development.

Patrick Frater Asia Bureau Chief Lily Franky, the Japanese acting sensation who starred in “Shoplifters” and “Like Father Like Son,” heads the cast of “Diamonds in the Sand,” a multinational co-production that appears at the Hong Kong — Asia Film Financing Forum (HAF) as a work in progress. Developed and directed by Janus Victoria, the film started as an exploration of the Japanese phenomenon of kodokushi, or lonely death, where elderly people who live alone are discovered dead only months after their passing due to the isolated lives that they lead.

Patrick Frater Asia Bureau Chief Film projects to be produced by Andrew Lau (“Infernal Affairs,” “Initial D”) and Han Sanping, the former head of China Film Corp., are among the new in-development titles that grace the FilMart slate of Hong Kong studio Media Asia. The Peter Lam-controlled studio is also poised, at an event within FilMart on Monday, to detail its new alliance with China’s Alibaba Pictures Group. Lau is producing “Behind the Scene,” a book-to-film adaptation to be directed by Lee Kwong-yiu (“Insanity”) in which four friends uncover a meticulously planned murder that is carefully disguised as a kidnapping. Suspicions fall on a bank president who is involved in counterfeiting. Han is aiming to produce “Fading Tracks,” another crime title that is also adapted from a novel.

Patrick Frater Asia Bureau Chief Taipei-based Screenworks Asia has picked up innovative anthology series “Urban Horror” for international sales ahead of this week’s FilMart in Hong Kong. Directed by Lee Chun-Hong (“Mom, Don’t Do That!”), Chen Bao-Zhong and Huang Dan-Chi, a group of young and upcoming filmmakers, “Urban Horror” comprises 34 short episodes revolving around the mysterious, the unexplained and the disturbed. They make use of six modern city settings, such as night clubs, office buildings, youth hostels and other places where ghosts and monsters are not normally found. The deliberately limited number of locations also enables the 34 short films to be re-packaged as six longer episodes. In each episode, the audience will see a familiar face that could be an award-winning actor, a pop star, or an internet celebrity.

Patrick Frater Asia Bureau Chief Oscar contenders and Berlin prize-winners will be among the European films being represented by visiting companies to FilMart that are making use of the European Film Promotion umbrella stand within the annual Hong Kong market. In total 29 European film sales companies are making the trip, including more than a dozen from France under the Unifrance banner. Prominent rights brokers include Charades, Goodfellas, Fandango and Filmax.