The Hong Kong Film Development Council (HKFDC) launched the Film Production Financing Scheme 2.0 (FPFS 2.0) on January 15 to support local film production and promote the long-term growth of the industry.

The scheme replaces the COVID-19 Film Production Financing Scheme (Easy Scheme), which ran from July 2020 to January 14, 2025 and successfully supported 23 film projects. Among them, the record-breaking "Guilty Conscience" became the highest-grossing Chinese film in Hong Kong in 2023. The recently released "Daddy" and "The Last Song", both projects financed by the relaxation plan, have achieved encouraging box office results.

FPFS 2.0 introduces several enhancements designed to make it more attractive to filmmakers and investors. The maximum amount of financing available from the government has been increased from HK$9 million (US$1.1 million) to HK$10 million (US$1.2 million), with eligible applications receiving up to 40% of the approved production budget. In addition, the production's cash flow has improved significantly, with 70% of funding being paid up front when principal photography begins, up from 50%.

The plan also increases the cap on the number of projects that applicants and primary financiers can undertake, doubling the cap from two to four. In order to further stimulate investment, private financiers will be given priority to recover half of their investment to reduce financial risks.

To be eligible for FPFS 2.0, applicants must be a film production company registered under the Companies Ordinance and have experience in producing at least two released films. The project must be a feature film or animation for screening in commercial theaters in Hong Kong, with a length of not less than 80 minutes and a production budget of not more than HK$7.7 million. In addition, the director must be a permanent resident of Hong Kong, and at least one permanent resident must serve as the two principal actors.

Applications for FPFS 2.0 will remain open and free. Interested filmmakers and investors are encouraged to consult the guidance available on the FDC website for detailed eligibility criteria and application procedures.

Dr. Wong Ying-wai, Chairman of the Hong Kong Film Development Council, said: "The optimized Financing Plan 2.0 will further enhance the attractiveness of the financing plan and bring a strong impetus to the film industry. I believe this will bring greater diversity in quantity and type of film production in the future. positive and positive development.”