Alibaba Group announced the launch of the Entrepreneurs Fund for Hong Kong, aiming to support talented entrepreneurs with support from Alibaba’s ecosystem in e-commerce, logistics, mobile platforms, cloud computing and financial services, Business Wire reported on Wednesday.
The fund is a non-profit organization affiliated with Alibaba. It is reported that the fund will invest in qualified companies in the start-up, growth and expansion phases of the company life cycle. HKD one billion (USD 129 million) has been earmarked for the fund.
Apart from the investment, the fund will provide 200 internship positions per year for graduates and final year students at companies in the Alibaba ecosystem in Mainland China.
(Top photo from nipic.com, by navyxia)