An international action thriller that pays homage to classic Hong Kong cinema while incorporating Western influences is set to be the first project to emerge from an agreement between Hong Kong-based Phoenix Waters Productions (PWP) and South Korea’s Studio Target.

While their agreement starts with the feature “Shashou,” the two companies are expected to also co-develop, co-finance and jointly produce a slate of films, series and micro dramas (aka vertical videos).

Creative details including the director and cast of “Shashou” have not been disclosed.

PWP said the film already has financial backing from Berkeley Media Group and Ostara Pictures, and that U.K.-based SC Films has been appointed to handle international rights sales.

The picture, which will shoot later this year, has also been pre-sold to MAD Solutions for the MENA region.

"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 Julia Kim (aka Kim Doyeon), CEO of Studio Target.

"Through this partnership, we will maximise diverse investment resources and production capabilities in each region, produce commercially successful content, and achieve global market expansion,” she added.

Studio Target will also handle the Korean distribution of PWP’s recent feature, “Tape”, a Hong Kong adaptation of the 2001 award-winning Richard Linklater film of the same title.

"This partnership represents more than just a business deal, it’s a commitment to building a sustainable future for Hong Kong and Korean cinema," said Bizhan Tong, CEO of PWP.

His company emerged as an indie with East West ambitions over the past five years and has been involved with films including “Forensic Psychologist” and “The Audition”.

Studio Target is behind “Hit Man 2”, which released in Korean cinemas in early February. Gross revenues of US$16.5 million to date make it the top-ranking Korean-made film of 2025. – by Patrick Frater