Alibaba's Ma plans to form fund
Jack Ma, founder, chairman and CEO of Alibaba.com, one of the largest B2B online marketplaces in China, and PRC celebrity netrepreneur, reportedly is planning to form a $200 million VC fund for investing in Chinese companies.
The fund will focus on Internet businesses, consumer goods and renewable energy industries. Other prominent PRC entrepreneurs reportedly linked with the fundraising plans were Shi Yuzhu, chairman of NYSE-listed Giant Interactive Group Inc., Yu Feng, founder of Target Media Holdings Ltd., Wang Yusuo, chairman of ENN Group, Shen Guojun, chairman of China Yintai Holdings Co., Ltd., and Wang Jianguo, founder of Five Star Appliance Co. Ltd.
No further details were reported but Ma is widely accepted as a potential VC supporter of rising Chinese SMEs. Since Ma founded Alibaba in 1999, he has repeatedly said that he faced difficulties getting financing from lenders for business expansion, adding that banks often refused to lend to SMEs because of lack of corporate information.
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