CHINA TOPIX

Alibaba Puts Big Money into Small-Medium Businesses in Hong Kong, Taiwan

Victoria Stanley   |

Nov 20, 2015 02:32 PM EST

Alibaba earlier this year announced two funds to support entrepreneurs in Taiwan and Hong Kong, and today the initiatives called the Alibaba Hong Kong Young Entrepreneurs Foundation were officially announced. The fund is NT$10 billion ($306 million) for Taiwan, while the program in Hong Kong is backed by HK$1 billion ($130 million) in cash. Alibaba explained that the mission of the Fund is to help entrepreneurs realize their dreams and visions. Both funds will invest in startups and small businesses to help them to grow and develop. It is about using Alibaba services, technical assistance and training, it is not just using cash. So, it is about helping raise grassroots companies, and also very much about Alibaba investing in areas that offer synergies with its core businesses, tekkie reported.