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PHOTO: Courtesy www.alibabagroup.com

Alibaba Promises $1 Billion for Hong Kong’s Entrepreneurs’ Best Ideas

E-commerce giant, Alibaba, has established a HK$1 billion not-for-profit foundation to foster entrepreneurship among Hong Kong’s young people and sell their ideas in China. The Alibaba Hong Kong Young Entrepreneurs Foundation will focus on supporting our city’s youth to start and businesses to sell their products to mainland China customers via the Alibaba marketplace.

According to Alibaba, a team of professional investment managers and advisors will select entrepreneurs to fund and coach the young business owners during the early stages of bringing their products and services to market. Any profits that these investments generate will be re-invested in the Foundation.

To encourage Hong Kongers to gain work experience in mainland China, Alibaba will also select 20 students from Hong Kong universities to intern at Alibaba Group and its subsidiaries.

“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,” says Jack Ma, Executive Chairman of Alibaba Group.

Alibaba founded its Hong Kong office in 1999 and the Group’s executive vice chairman, Joe Tsai, has lived in Hong Kong for 20 years.

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