Hong Kong has recently emerged as a movie empire among the Asian countries. Under her dominination, the film industry of most Asian countries has witnessed underdevelopment or even deterioration. This paper is desinged to explore the phenomenon and to assess the political implications associated with it. By comparing with the core expansion of colonial Japan and Hollywood, we find the new empire of Hong Kong is ”marginal” in character. It is argued that while a core empire imcorporates, a marginal empire yeilds to her colony. This in turn serves to explain the newly-emerged phenomonon of localization and regionization (Asianization ) in global capitalism.