Running during the same week as Hong Kong‘s Filmart, the Hong Kong-Asia Film Financing Forum (HAF) is one of Asia’s longest-running project markets. In its 23rd edition this year, the three-day HAF will feature 25 shortlisted projects in-development from March 17 to 19.

This year’s projects include Yellow, which is produced by top Japanese fillmmaker Hirokazu Kore-eda for new director Miyoh Yamaura, as well as Republic of Mahalaxmi Apartment, the debut feature from Niladri Mukherjee, which is produced by Indian director Aditya Vikram Sengupta.

According to HKIFF Industry Director Jacob Wong, HAF received 276 in-development project submissions from 45 countries and regions this year, including Hong Kong, Thailand, Turkey, Kazakhstan and South Korea.

“Geographically, Hong Kong is at the southernmost of East Asian and northernmost of Southeast Asia, and seems like an ideal place to bring together people from both regions,” Wong tells Deadline. “We do all the other things because we want to do a bit more, especially with younger filmmakers.

“HAF has been in business for many years, is truly a regional and international event, which is quite attractive to people from mainland China. It always has a decent line-up and a track record of projects attending and winning at major film festivals, and occasionally, becoming box office winners. When you’re good, often you also are blessed with good fortune.”

While HAF anchors the expanded HKIFF Industry Project Market, which takes place at the Hong Kong Convention & Exhibition Centre, industry programs like HAF Goes to Cannes, HAF Film Lab are all also parked under the wider HKIFF Industry umbrella.

Additionally, HKIFF Industry will partner with CAA China for a second edition next year to run the HKIFF Industry-CAA China Genre Initiative (HCG), which last took place in 2024. This year, they will provide a script consultation award.

Wong highlights that two key additions to HKIFF Industry this year include the the Animation Initiative, which will showcase six projects and host two panels on Asian animation in conjunction with Filmart. According to event organisers, there has been a 60% surge in submissions in the animation category since last year, reflecting the industry’s rapid growth in the region.

“It’s quite apparent that animation is becoming an important product line, and we are very interested to see it flourish,” says Wong.

The other addition is a new collaboration with Jakarta Film Week, which will see two Indonesian projects arriving at the market. Wong says that forming partnerships with other organizations and events from around Asia is a key focus for HKIFF Industry’s future.

2024 proved to be a mixed year for Hong Kong’s film industry. Although two domestic productions — The Last Dance and Twilight of the Warriors: Walled In surged past the HK$100M (US$12.9M) mark at the box office in a single year, total annual revenue dropped and fewer films are being produced in Hong Kong.

“When my products don’t sell, I ask questions about my products,” says Wong. “Realistically it’s probably rather difficult for a city of 7.5 million to support and sustain a film industry. Nurturing a film culture is however a distinct possibility. That would be the European model of subsidy cinema with the government playing a major role.”

Wong highlighted the need for greater support for filmmakers creating their sophomore features. He pointed out directors like Sasha Chuk, who made the triple Golden Horse-winning Fly Me to the Moon. She is currently putting together her second feature with financing mainly coming from Hong Kong. Chuk is planning to shoot the film in Shenzhen and Hong Kong.

“The government already has a generous scheme for supporting first features, but not so much further on,” says Wong. “We’ve seen the first feature support producing some decent results, but few such first-time filmmakers moving on to their second film.”