KUALA LUMPUR, Aug 28 — It is looking bleak for the organisers of the 55th Golden Horse Film Awards as major sponsors are pulling out from the prestigious event, considered to one of the four major Chinese-language film awards.

Notable names that will be missing from the list of organisers include prominent brand names in Italian luxury brand Bulgari, luxury watchmaker and jeweller Piaget and consumer electronics and mobile communications giant Oppo, reported Sin Chew Daily.

Organiser allayed fears however, saying that discussions on sponsorships were still ongoing.

"Sponsors need not necessarily be the same as in previous years,” the daily quoted organisers as saying.

The daily reported that the companies are pulling out to avoid affecting their companies in the Chinese market after the announcement by China’s film regulator that it was suspending mainland Chinese movies and their personnel from participating this year.

While no official reason was given, the move came after Taiwan-born documentary director Fu Yue’s calls for Taiwan to be recognised as an independent country during her acceptance speech in the event last year.

Following that development, several Hong Kong movies have also opted out from this year’s Golden Horse Awards in Taiwan for fear of a backlash from Chinese government following developments of protests in the Chinese territory.