Alibaba institutes $129 million fund in HK for startups

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".