On January 15, the Hong Kong Film Development Council (HKFDC) introduced an updated version of their Film Production Financing Scheme, known as FPFS 2.0. This new initiative aims to strengthen local film production and encourage sustained growth within the film industry over time.
The new program supersedes the Film Production Financing Scheme (Relaxation Plan), active from July 2020 to January 14, 2025, that backed 23 film productions. Included in this list was “A Guilty Conscience,” Hong Kong’s top-grossing Chinese film of 2023, as well as the recently successful movies “Papa” and “Last Song For You.” Both these films were financed under the Relaxation Plan and have shown promising performance at the box office.
In its updated version 2.0, FPFS offers multiple improvements to entice both filmmakers and investors. The maximum funding by the government has been boosted from HKD9 million ($1.1 million) to HKD10 million ($1.2 million), with successful applications eligible for up to 40% of their production budget. Furthermore, productions can now anticipate better cash flow, as an initial 70% of the funds are disbursed at the onset of principal photography, which is an increase from the previous 50%.
This plan increases the maximum number of projects that applicants and major investors can work on, going from a limit of two to four. Additionally, it encourages more investment by allowing private financiers to recover half of their investment before others, thereby decreasing potential financial risks.
To become eligible for FPFS 2.0, candidates should meet the following criteria:
1. They must be established film production companies that fall under the Companies Ordinance.
2. These companies should have a track record of producing at least two films that have been publicly released.
3. The proposed projects need to be either feature dramas or animations, suitable for screening in Hong Kong cinemas. The duration of these projects must be a minimum of 80 minutes and the production budget should not surpass $7.7 million.
4. The director of the project needs to be a permanent resident of Hong Kong.
5. At least two leading roles in the cast should be filled by permanent residents of Hong Kong.
The submission process for FPFS 2.0 remains open, with no fees required. Filmmakers and potential investors are invited to review the specific eligibility requirements and application instructions posted on the FDC website.
Dr. Wilfred Wong, head of HKFDC, stated: “The improved Financing Scheme 2.0 is set to make our financing scheme even more appealing and offer a powerful surge for the film industry. I am confident that it will lead to increased and varied volumes as well as genres in future movie productions, resulting in constructive and beneficial developments.”
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2025-01-16 11:16