The 3-D epic The Taking of Tiger Mountain, directed by Tsui Hark, is one of the most successful coproductions by Hong Kong and mainland filmmakers.[Photo/China Daily]

The island's flagging film industry is ready to capitalize on the hungry mainland market, Xu Fan reports.

A recent movie exhibition highlighted the longtime concern over the fading film industry in Hong Kong, which was one of Asia's most prolific hubs about three decades ago.

Hong Kong Movie Week, co-sponsored by the Beijing Office of the Government of Hong Kong Special Administration Region and Broadway Cinematheque, released five well-received Hong Kong movies in Tianjin for showings during the past week.

The displayed titles included coming-of-age movie My Voice, My Life, directed by Oscar-winning documentary maker Ruby Yang, and the sports flick Full Strike and the crime thriller Two Thumbs Up, which were seen by mainland moviegoers for the first time in theaters.

The release list also had comedy Little Big Master and Dot 2 Dot, this year's Hong Kong Film Awards' nominee. Both had been screened on the mainland early this year.

Many observers say the Hong Kong film industry was in its golden age between the 1980s and mid-'90s. During that period, the region produced about 300 movies every year and boasted a big fan base across Asia.

The classic works of action superstars, such as Jackie Chan and Chow Yun-fat, have become part of the collective memory of a generation of Chinese movie fans.

Most insiders attribute the fall of the Hong Kong movie industry to the Asian financial crisis in 1997. Another factors: top filmmakers were lured to Hollywood, and more formulaic plots ruined viewers' appetites for such films.

The yearly output has shrunk to around 50 titles since 2003.

In contrast, veteran Hong Kong filmmakers are enjoying a boom in the mainland market, which produced 618 movies last year and created a record box office of 29.6 billion yuan ($4.77 billion).