(Yicai Global) Jan. 24 -- Alibaba Pictures has partnered entertainment firm Huayi Brothers Media Corporation to jointly pursue opportunities related to film and television productions, artist development, as well as marketing.

The two parties aim to co-produce 20 high-quality films over five years through a strategic cooperation framework agreement, Beijing-based Alibaba Pictures said in a statement through its Asian Union Culture & Media Investment unit.

As part of the plan, Alibaba Pictures will work with top production teams as a major investor, major controller major publicist and distributor to support young directors and screenwriters. The movies will be released during the four peak seasons for cinema-goers, which are New Year, Spring Festival, the Summer vacation and the National Day.

Huayi Brothers pledges to bring out at least 10 films within 5 years. Alibaba Pictures will act as preferred investor for the projects while Huayi will be major controller.

Asian Union Culture & Media Investment has agreed to provide a five-year loan of CNY700 million (USD100 million) to Huayi Brothers to expand its operations.

The cooperation plans will help to bring together upstream and downstream partners in China's film industry chain, bring a wider audience to filmmakers and create more monetization opportunities, according to the statement.

Editor: William Clegg