China-based e-commerce company Alibaba has set up a HK$1bn ($129m) non-profit foundation to boost entrepreneurship in Hong Kong, the company’s news site Alizila reported yesterday.
The Alibaba Hong Kong Young Entrepreneurs Foundation will provide capital, assistance and training to young people living in the city who are looking to launch startups based on Alibaba’s e-commerce sites, such as Taobao and Tmall. The terms and sizes of its funding strategy are yet to be disclosed.
All profits generated from Alibaba’s investments will be returned to the foundation to create an evergreen fund. The company expects to launch the foundation by the second half of 2015.
Jack Ma, executive chairman of Alibaba, said: “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.”