This book is an interdisciplinary study of the commerce–art–politics nexus of Hong Kong cinema from 2000 to 2020, investigating the current nascent generation of film workers who joined the industry as it gradually entered an era marked by the domination of Hong Kong/mainland co-productions. Fangyu Chen explores the filmmaking ideologies of the emerging filmmakers from both within and beyond their film texts and uncovers the artistic and ideological discrepancies between this generation and their predecessors—the established generation who contributed to the glory days of Hong Kong cinema during its economic boom. By tracing the studies of national cinema and transnational cinema, Chen debunks the national/transnational antagonism with the case of post-2000 Hong Kong cinema and argues that it has split into two: a transnational cinema represented by the established generation of filmmakers and a national cinema that is driven by the nascent generation who are struggling for better preservation of Hong Kong local culture and their own cultural identities. Employing a Hong Kong/mainland film dynamics perspective, this study addresses a gap in the academic study of Hong Kong cinema, drawing attention to the material conditions and artistic visions of the craft labour in the industry. Scholars of communication, film studies, and labor economics will find this book of particular interest.