Alibaba institutes $129 million fund in HK for startups
By Xie Yu In Hong Kong | China Daily | Updated: 2015-02-03 07:57
E-commerce magnate Jack Ma has not only set an example to aspiring Hong Kong entrepreneurs but also offered to help them with funding and, more importantly, a ready platform to tap the vast mainland marketplace.
In an earlier statement, New York-listed and Hangzhou-based Alibaba Group Holding Ltd, of which Ma is founder and chairman, said that it has established a HK$1 billion ($129 million) fund to help Hong Kong entrepreneurs set up startups on the mainland company's e-commerce platform.
The fund was set up with the help and advice from Hong Kong's former chief executive Tung Chee-hwa. In an earlier interview, Tung said that Ma was "deeply concerned about the situation in the special administrative region and was willing to help out".
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