Overview of Hong Kong's Role in Film Co-Productions

Hong Kong's pivotal role in the realm of international co-productions was prominently showcased at the Asian Content & Film Market (ACFM) in Busan, featuring two enlightening panels that explored new horizons for collaboration in the film industry.

Organized by the Hong Kong Film Development Council (FDC), the Hong Kong Cultural and Creative Industries Development Agency (CCIDAHK), and the Hong Kong Trade Development Council (HKTDC), these sessions unveiled exciting co-production opportunities and innovative funding schemes tailored for the dynamic Asian market.

Panel Discussions on Co-Productions

The first panel, titled "Opportunities in HK-Asia Co-productions," brought together six seasoned industry veterans, who shared their valuable insights. The discussion highlighted a significant shift in the relationship between Hong Kong and mainland China. With China emerging as the world's second-largest film market, it has begun to develop its own robust industry, prompting Hong Kong filmmakers to seek more diverse and expansive audiences beyond their traditional borders.

Jeffrey Chan, a prominent figure in the industry and now CEO of Just Creative Studio, recalled the days when Hong Kong’s market was deemed too small to sustain its film productions. "For the last two decades, we have not needed to look at other territories due to our self-sufficiency," Chan stated, underscoring the evolution of the industry.

Korean producer Oh Jung Wan from Bom Film Production also underscored this evolution. With a track record in Korea's cinematic renaissance, she emphasized the pressing need to prioritize compelling storytelling over financial concerns. Ahn Soo-hyun, CEO of Caper Films, echoed these sentiments, sharing that local-focused films like *Train to Busan* consistently outperform those designed for the global market from the ground up.

Moderated by the insightful Lorna Tee from mylab, all panelists agreed on the benefits of establishing cooperative systems for co-productions, which could foster lucrative partnerships.

John Chong from Media Asia Group, known for the success of the Chinese-Hongkonese co-production *A Guilty Conscience*, highlighted the necessity of educating young producers about international contracts and various legal frameworks essential for successful collaborations. He advocated for national mentorship programs to streamline this process.

Andy Yoon of MoonWatcher pointed to the European Union as a model for a more structured co-production system that promotes idea exchange, while Tee proposed looking towards India as growing market potential in the Asian film landscape.

Insights from the Second Panel

In the second panel, "Hong Kong Co-production Funding and Local Insights," Chun Chen On of October Pictures Limited shared case studies that affirmed Hong Kong's status as a prime location for high-budget productions. Referring to Michael Bay's *Transformers 4: Age of Extinction*, Chun illustrated how Hong Kong’s bilingual capabilities, economic stability, anti-corruption laws, and excellent talent pool make it a formidable player in the global film industry.

Cindy Chan from CCIDAHK unveiled the ongoing Hong Kong-Europe-Asian Film Collaboration Funding Scheme aimed at attracting top-tier talent and productions to the region. The initial phase saw two projects receive grants of $1.1 million each, signaling a promising start for future collaborations.

With submissions for the second phase open until November 22, 2024, excitement is palpable as six new projects are set to be selected and announced in 2025. Chan expressed optimism for improvements in the upcoming scheme, drawing lessons from the first phase’s experiences.

Conclusion and Future Prospects

As Hong Kong continues to craft its narrative in the international co-production landscape, it stands ready to lead with innovation, creativity, and strategic collaborations that can reshape the future of cinema in Asia and beyond. Will Hong Kong redefine the global film industry? Stay tuned!