Alibaba sets up non-profit VC unit to boost HK entrepreneurs
China’s Alibaba Group has created a HK$1 billion ($129 million) non-for-profit foundation to support Hong Kong start-ups.
The organization, known as The Alibaba Hong Kong Young Entrepreneurs Foundation, will provide support local youths in setting up businesses that sell products and services to mainland China through Alibaba's Tmall and Taobao Marketplace e-commerce platforms, according to a statement.
The foundation will be managed by professional investment managers and operating teams who will select and finance promising start-ups and provide mentoring and technical assistance. Investment will start in the second half of this year, with any profits re-invested in the foundation.
In addition, every year about 200 students from Hong Kong universities will be offered internship opportunities at Alibaba Group and other businesses in the group's ecosystem.
"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," said Jack Ma, Alibaba's founder and executive chairman.
The non-profit foundation comes a week after Ant Financial, an Alibaba affiliate, said it would set up a RMB500 million ($80 million) lending program with International Finance Corp. (IFC) targeting female entrepreneurs in China who want to sell products on Taobao and Tmall.
Two months ago, AIA Group teamed up with early-stage investor Nest to form a profit-driven Hong Kong-based accelerator that supports local start-ups with technologies relevant to the insurance and healthcare industries.
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