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The Hong Kong film industry entered its downturn in the mid-1990s, seeing a sharp fall of both annual production quantity and box office revenues from 1994, with a reduction in the number of film production companies, and a collapse of the cinema exhibition system being the major symptoms (Zhao, 2007: 346-348). There were small ups and downs during the last decade, yet, as a whole, the decline of the industry is incontrovertible.