Shanghai-based entertainment conglomerate Banana Culture announced on Sept 26 a project to award young pioneering film directors up to 2 million yuan ($300,000).
The candidates, who are below 38, have to submit a short film of between 15 to 25 minutes long for appraisal.
Banana Culture is led by entrepreneur Wang Sicong, the son of Chinese real estate and film industry tycoon Wang Jianlin.
Speaking about the award, Wang Sicong says: "We want to find directors who are able to create something closest to the young people's needs.
"We don't expect to find a master overnight, but this project will be operated for the long term."
The judging panel will comprise celebrated online film critics.
