The digital media and entertainment unit of tech heavyweight Alibaba Group Holding Ltd announced on Monday that it plans to invest no less than HK$5 billion ($639.4 million) over the next five years to bolster the development of Hong Kong's culture and film industries.

The funds will be spread across Hong Kong-made TV dramas, movies, performances and cultivation of young talents, the company said. The investment is a part of broader plan to revitalize Hong Kong's once-flourishing entertainment sector.

Alibaba's video-streaming platform Youku will partner with a slew of local companies such as TVB, Shaw Brothers Pictures, and Media Asia Group to produce TV series.

The Beijing-based Alibaba Pictures, Alibaba's film arm, said its second headquarters will be located in Hong Kong. It has also signed a five-year strategic partnership with the Hong Kong Baptist University's Academy of Film to give scholarships to 20 young filmmakers.