EXCLUSIVE: Hong Kong-based Phoenix Waters Productions and South Korea’s Studio Target have signed a memorandum of understanding (MOU) to expand cross-border film and television collaboration between Hong Kong and South Korea.
One of the first projects coming from this partnership is action thriller Shashou, which aims to “pay homage to classic Hong Kong cinema while incorporating Western influences.” The film seeks to bring onboard cast members from around the world and is set to commence production later this year.
Producers involved with Shashou include Berkeley Media Group and Ostara Pictures, with London-based SC Films International handling sales and Cairo-headquartered MAD Solutions acquiring MENA rights.
This partnership between Phoenix Waters Productions and Studio Target will focus on co-developing, co-financing, and producing a slate of new films, series and micro-dramas.
Studio Target produced action comedy film Hitman 2, which is currently the top-grossing Korean film so far in 2025. The film stars Kwon Sang-woo and Jung Joon-ho. Phoenix Waters Productions is behind the Hong Kong remake of Richard Linklater’s Tape, which premiered last year, as well as crime series Forensic Psychologist.
As part of the collaboration, Studio Target will handle the South Korean release of Tape later this year.
“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.”
Bizhan Tong, CEO of Phoenix Waters Productions, said: “This partnership represents more than just a business deal — it’s a commitment to building a sustainable future for Hong Kong and Korean cinema. 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.”
