Hong Kong’s Phoenix Waters Productions and South Korea’s Studio Target have inked a memorandum of understanding to bolster cross-border collaboration spanning Hong Kong, Korea and the U.K.
The strategic alliance, revealed during Hong Kong FilMart, will focus on jointly developing, financing and producing films, series and microdramas — the latter being short-form digital content that has gained significant traction throughout Asia as vehicles for audience engagement and brand integration.
Leading the partnership’s initial slate is “Shashou,” an international action thriller that pays homage to classic Hong Kong cinema while incorporating Western influences. Set to commence production later this year with a global cast, the project has already secured participation from Berkeley Media Group and Ostara Pictures, with SC Films International handling sales and MAD Solutions acquiring MENA rights.
“Amidst the various challenges facing the global film and media industry, I believe that our collaboration and innovation will be key to illuminating the future,” said Doyeon Julia Kim, CEO of Studio Target. “Through this partnership, we will maximize diverse investment resources and production capabilities in each region, produce commercially successful content, and achieve global market expansion.”
The alliance emerges against a backdrop of industry challenges. Hong Kong’s film sector has been seeking new avenues for growth and international expansion, while Korea’s industry grapples with sustainability issues amid escalating production costs and stagnant budgets.
As part of the collaboration, Studio Target will handle the South Korean release of “Tape” later this year, highlighting the growing synergy between the companies.
Phoenix Waters Productions, recognized for East-West collaborations, has been instrumental in revitalizing Hong Kong cinema through projects like “Tape,” “Forensic Psychologist,” and “The Audition.” Meanwhile, Studio Target has established itself as a powerhouse in South Korean film production, recently producing box office hit “Hitman 2.”
“This partnership represents more than just a business deal — it’s a commitment to building a sustainable future for Hong Kong and Korean cinema,” said Bizhan Tong, CEO of Phoenix Waters Productions. “By combining our creative and production strengths, we aim to develop films and series that resonate on a global scale, showcasing the incredible talent and rich storytelling from these regions.”
Both companies are inviting global investors, distributors, and industry leaders to participate in the initiative as they advance their slate of projects.
