Alibaba Establishes Hong Kong Start-Up Fund
by Mary Swire, Lowtax.net, Hong Kong
05 February, 2015
Alibaba, the Chinese online marketplace, has announced the establishment of the HKD1bn (USD129m) not-for-profit Alibaba Hong Kong Young Entrepreneurs Foundation (the Foundation) to support the start-up businesses of young people in Hong Kong.
The core mission of the Foundation is to help Hong Kong-based young entrepreneurs start and grow businesses on marketplaces and platforms hosted by the e-commerce giant.
The venture capital investment program, which is expected to launch in the second half of this year, will also provide young entrepreneurs with advisors during the start of their businesses. Profits generated from these venture investments will be returned to the Foundation for re-investment.
"With a mission 'to make it easy to do business anywhere,' Alibaba is passionate about fostering entrepreneurial spirits amongst young people," said Jack Ma, Executive Chairman of Alibaba Group. "We hope to create life-changing opportunities so that Hong Kong's young people have an opportunity to build thriving businesses that will serve as a bridge between Hong Kong and Mainland China."
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