Products for intellectual property adaptation cannot be rushed, and only those created with real dedication would have a lasting impact, said Tony Gao Wentao, EntGroup partner and general manager of East China - a leading independent company specializing in data analysis for the entertainment industry.

The past two years have seen negative reviews for some IP films or TV series, giving the IP adaptation industry a bad reputation. They were considered shoddy adaptations, churned out within three to four months without meticulous research into the target market, he reckoned.

"It can't be hurried. To produce excellent works, you must put your heart in it," Gao maintained, adding that excellent IP adaptations should have compelling storylines and convey positive energy that the audience can identify with.

A large proportion of IP films and TV series are based on best-selling original novels that offer basic ingredients for the adaptations. 

Statistics show that 54.1 percent of films last year were adapted from novels with 81.6 percent of box-office bits being novel adaptations, according to Gao.

As for TV series, 89.7 percent were adapted from novels and they took up 82 percent of the top most downloaded entries. Successful novel-based IP adaptations include Eternal Love, Princess Agents and The First Half of My Life.

The source literature with an established fan base helps sell the film or TV series, which is seen as an advantage for IP adaptations, said Gao. "But, good source material can't guarantee a good IP adaptation which entails an appealing script, skilled actors and actresses and sophisticated production," he argued.

It really tests the capabilities of screenwriters who have to reconstruct the storyline to fit film standards and cater to a wide range of audience, not only the young demographics, said Gao.

Citing the film Eternal Love as an example, he said it was considered a commercial flop following the success of the namesake TV series. The main reasons for its loss included a flawed script and an ill-judged cast selection.

He noted that film and TV series adaptations are different in many ways, including the target audience. The TV series version of Eternal Love is aimed at young females, while its film version should be tailored to people of all ages.

The audience's ability concerning aesthetic evaluation and appreciation has always been improving, said Gao, and they seek films and TV products with substantial content and values.

Tiny Times film series, adapted from a best-seller of the same name, was undoubtedly a sweeping success, flaunting beautiful costumes and scenes. But such superficial adaptations could lose their allure in future and could hardly make a lasting impact, argued Gao. Its success could be transient.

There have been a series of waves of successful original TV dramas this year, such as In the Name of People, the Advisors Alliance and Nothing Gold Can Stay. They were carefully produced, which took two to three years, with well curated scripts, commented Gao, stressing that dedication makes for quality IP adaptations.

He urged Hong Kong to collaborate with film producers on the Chinese mainland, citing Legal Mavericks, a co-production between iQiyi, a mainland online video platform, and a Hong Kong filmmaking company.

"Hong Kong has a wealth of film and TV classics that provide good raw materials for mainland film producers to remake. The city that used to be Asia's movie hub has rich experience in film production and has produced top-notch filmmakers, so it will contribute a lot to co-productions."