Alibaba has announced a new $300 million investment fund to invest in film and TV companies.

Alibaba Pictures, the film studio unit of Jack Ma’s e-commerce giant, is joining forces with Gopher Asset Management on the fund. The Chinese e-commerce company will contribute a maximum of $75 million, while Wuhu Gopher will contribute $225 million, according to The Hollywood Reporter. The new fund will be called the Hainan Alibaba Pictures Entertainment Industry Investment Fund.

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“The fund will focus on investment opportunities of high-quality companies in the movie and television entertainment industry chain, under the four key pillars of production development, celebrity resources, marketing and distribution, and advanced technology,” an official statement released earlier this week said.

The two companies said that the fund would be used to invest in creating high-quality film and TV companies. However, they did not clarify if the fund would be exclusively available for Chinese companies, or if international movie firms might benefit from it.

Alibaba Pictures is listed on both the Singapore and Hong Kong stock exchanges. The company describes its core business segments as content production, Internet-based promotion and distribution, entertainment e-commerce and international operations.

Alibaba's Chinese film studio has also invested in three Chinese movies that are in production “Ferry Man,” “Three Lives Three Worlds Ten Miles of Peach Blossom” and “Ao Jiao Yu Pian Jian.”

Also, the company has invested in high-profile Hollywood projects such as “Teenage Mutant Ninja Turtles: Out of the Shadows,” “Star Trek Beyond” and “Mission Impossible: Rogue Nation,” Variety reported. Alibaba Pictures is also pushing for U.S.-China co-productions following its partnership with Skydance Media to finance and co-produce “Flying Tigers.”

TagsAlibaba, Alibaba pictures, film production, Wuhu Gopher, Hainan Alibaba Pictures Entertainment Industry Investment Fund, Chinese e-commerce giant, Ferry Man, Three Lives Three Worlds Ten Miles of Peach Blossom, Ao Jiao Yu Pian Jian